Travelio raises $18 million to increase home rentals in Indonesia
Indonesia-based home rental marketplace start-up, Travelio, raises $18 million in Series B funding round
Travelio, an Indonesia-based home rental marketplace start-up, has raised $18 million (£13.9m, €16.3m) in Series B funds in a round co-led by Temasek Holdings subsidiary Pavilion Capital and venture capital firm Gobi Partners.
Travelio operates similarly to Airbnb in that it allows users to book and rent a range of fully-furnished accommodation for both short stays and longer-term housing needs. Travelio works with individual apartment owners and property dealers.
The start-up signs management contracts with property owners and developers who have unsold units or vacant investment homes.
Christina Suriadjaja, co-founder and chief strategy officer of Travelio, said the company currently has over 4,000 properties exclusively signed up with the platform and it takes between 20 per cent to 35 per cent of the revenue cut from its property owner partners.
Travelio typically charges about $350 to rent an apartment for a month.
It operates on a revenue-sharing model with property owners.
Last year, Travelio announced it raised $4 million in a Series A round led by Vynn Capital, a venture capital firm founded by former Gobi Partners vice president Victor Chua.
Similar models in other markets include Sonder in the US and Tujia in China.