Travelio lands undisclosed amount in Series C funding
Indonesia: Jakarta-based short- and mid-term rental operator, Travelio, has announced that it has closed an undisclosed Series C funding round.
The round was led by Korean venture capital firm DAOL [former KTB] Ventures, with participation from Orzon Ventures [powered by Thailand Conglomerate PTTOR and 500 Global], Taiwan’s Appworks, and growth-oriented private equity firm Pavilion Capital.
The startup says that it will use the fresh investment to set up a new vertical in the rent-to-own sector.
Christina Suriadjaja, co-founder and chief strategy officer at Travelio, said: “We are excited to launch this new initiative as it will solve the low home ownership issue for middle class millennials, which makes up the majority of our tenants. This way, we won’t just be a temporary solution for them for a couple of years but instead for their lifetime.”
Having been founded in 2015, Travelio now manages 15,000 exclusive properties on its platform across 12 cities, including Jakarta, Tangerang, Bekasi, Bogor, Depok, Bandung, Surabaya, Semarang, Karawang, Makassar, Yogyakarta and Medan. The new funding will enable Travelio to expand into other cities later this year.
Travelio claims that its business model presents an affordable rental option for tenants seeking to rent apartments for short- and long-term periods. The residential property startup adds that it is the only online and transactional platform in Indonesia that enables tenants to pay each month over a 12-month rental period.
Unlike the likes of Airbnb which focus on renting out single rooms or entire units listed by individual property owners, Travelio connects property developers and agents with potential tenants who can browse and reserve flexible stay accommodations.
The investment will furthermore be used to increase the startup’s workforce, which currently stands at more than 600 team members.
Travelio previously raised US$18 million in a Series B investment round co-led by Pavilion Capital and China’s Gobi Partners in November 2019. Samsung Venture Investment Corporation, the VC arm of Korean conglomerate Samsung Group, also participated in the last round.
