Singapore-based short-term rental marketplace Travelmob announced yesterday that it has raised USD1M in seed funding. The round is led by Jungle Ventures with participation from Silicon Valley VC firm Accel Partners and private investors around the region.
“Our mission is to lead the social stay market in Asia Pacific and since launch, we’ve been making tremendous progress towards that goal,” said Turochas. He told e27 that about 50% of site visitors come from Asia-Pacific while the remaining comes from places like the US, Europe, and Middle East. Intra-APAC travelers are on the rise, due to the rising middle income bracket in India and China.
Travelmob also announced a new feature called “experience tags”. It allows travelers to filter their desired accommodation by selecting the tag that best describes the kind of holiday experience they want. Hosts too can use the tags to better target tourists.
How Travelmob works:
Anurag Srivastava, founder and managing partner of Jungle Ventures, said: “Asia Pacific is the fastest growing region for tourism and the region’s online vacation rental market is set to soar over the next few years. travelmob is in the right place, at the right time. Coupled with a solid business plan and a seasoned team with strong regional experience, travelmob has the right ingredients to be successful and is well poised to be a market leader.”
Jungle Ventures is a VC firm that invests in early-stage startups and business-building infrastructure in Singapore, India, Southeast Asia, and other regional hotbeds of innovation.
Last year, the firm led a US$780k investment in mobile media solutions provider Cinemacraft. Earlier this year, it led a USD1.7M round in Mobikon, a Singapore and India-based startup that offers a suite of services for businesses to make customer feedback, engagement, and analysis more efficient. (see Jungle’s full portfolio).
And most recently, at the Ideas.Inc grand finals, it pledged to invest SGD100k (USD81k) in Schmeiden, which has developed a prototype device that converts a smartphone into a tablet. The investment terms are subject to negotiations.
Accel Partners is a global VC firm with a presence in Silicon Valley, New York, London, China, and India. Managing a total fund size of USD11.6B, it has made investments in companies like Facebook, Baidu, ComScore, and more.
Update on 28 November: Accel Partners has confirmed its participation in this round of funding.