Indonesian accommodation-sharing platform Travelio today announced that it has raised a US$4 million Series A funding round led by Vynn Capital, a venture capital firm founded by former Gobi Partners Vice President Victor Chua.
Yinglan Tan‘s Insignia Ventures Partners, Silicon Valley-based Fenox Venture Capital, as well as Indonesia-based venture capital firms IndoGen Capital and Stellar Kapital also participated in the funding round.
The funding round followed a US$2 million pre-Series A funding round that the startup has raised in August 2016 from Gobi Partners, PT Surya Semesta Internusa Tbk, and senior executives of Kuok Group.
Travelio plans to use the new funding to support growth acceleration, talent acquisition, product innovation, and the launch of new verticals.
In an email to e27, Travelio co-founder Christina Suriadjaja mentioned that despite its focus on the Indonesian market, the startup also has a long-term plan for regional expansion.
“For this year, we will focus on Indonesia and launch new verticals that complement our sector but we do have plans for regional expansion in neighbouring countries,” she said.
Founded in 2015 by Suriadjaja, Hendry Rusli, and Christie Tjong, the Central Jakarta-based startup helps property owners and developers to lease and professionally manage their vacant properties throughout Indonesia.
The startup also developed VR camera-based instant monthly booking platform that is aimed to simplify the process of renting a property, from viewing, appointment management, negotiation, paper works, to payments.
Claiming to have over 4,000 listings in its platform, Travelio is currently run by a team of 80 employees.
The startup named property giant PT Intiland Development as one of the property owners that have utilised its services.
There is a recent trend among accommodation-sharing and hostel booking platforms to start launching their own fully leased and operated hotel or apartment.
Airbnb is set to launch their own branded apartment building in Florida in 2019, while Southeast Asian budget hotel booking platform RedDoorz has launched their own hotel brand Leased in Singapore in March this year.
“We urge to help property partners generate more revenue and occupancy in their otherwise idle assets through rental leads and implementing professionalised management service through our integrated technological assets. With our team’s background in hospitality operations and advancements in technology, we are willing to explore new and innovative models that benefit our property partners,” Suriadjaja commented on the possibility for the company to enter the similar space.
Image Credit: Travelio