Indonesia's Travelio Raises $18 Million in Series B Funding
Indonesian property-technology company, Travelio, raised $18 million in a series B funding round led by Temasek’s unit, Pavilion Capital, and Chinese late stage venture firm, Gobi Partners.
The company said it plans to use funds to invest in marketing, talent, expanding its product line for tenants and property owners, and integrating new services, like interior design, financing, payments and other logistics-related services, it already has in the pipeline, into its overall ecosystem.
Founded in 2015, Travelio is an online rental marketplace which connects property owners to renters who can lease apartments, villas and houses for a few days to several months.
The company said it is looking to serve the growing demand for temporary housing, urbanization, and affordable living options in Indonesia that comes with the country’s rising middle-class population.
Travelio already has more than 4,000 properties exclusively signed up with the platform, and the company charges property owner partners between 20 per cent to 35 per cent of their total revenue, according to a TechCrunch report.
Apart from connecting property dealers with renters, the company also provides housekeeping and guest services.
The startup has raised over $24 million from four funding rounds so far. Its investors include Vynn Capital, Insignia, and Pegasus Tech.
Over the last 30 days, its app was downloaded 6,133 times, according to Apptopia, a mobile-app metrics analysis company. Its website sees over half a million vists on a monthly basis.