Snaptrip, an 11th-hour home rental marketplace, nets $2.2M
Even as vacation rentals draw the scrutiny of regulators worldwide, investors continue to see enormous potential in the fast-growing industry.
Today, the last-minute marketplace for holiday rentals Snaptrip received a $ 2.2 million Series A capital injection from a group of investors, led by Bestport Ventures, which follows Forward Partners as the second venture capital firm to invest — in the latest affirmation of vacation rental bookings as an industry.
Based in London, Snaptrip has raised $ 3.25 million to date. It did not disclose what valuation was placed on it by the investors.
The startup said that it booked 30,000 customers last year. It claims to have have more British properties in its inventory than AirBnb, the vacation rental giant, which recently raised $ 1.5 billion.
About 18 months old, Snaptrip aims to distinguish itself from its better known rivals by focusing on offering what it calls exclusive discounts at the last-minute on selected breaks. Unlike some (though far larger) rivals, like Airbnb Homeaway, it claims 100% instantly bookable inventory with live rates.
In exchange for a person’s email address, it offers access to discounted rates on more than half of its listed cottages, the company said.
Snaptrip CEO Matt Fox said in a statement that the company will use the money to invest in marketing, product development, and hiring.
The funding round comes as regulators in Europe and elsewhere look to legally define parameters for the self-catering sector.
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