Indonesia’s accommodation sharing platform Travelio has collected USD 18 million funding in a Series B round on Thursday, co-led by Pavilion Capital and Gobi Partners. The new investment brings Travelio’s total funding to USD 24 million.
Travelio will utilize the fresh funding to further accelerate the company’s growth. The firm will invest in marketing, talent, and development of new products and services including interior design, daily necessities, financing, payments, and other logistics-related operations into its ecosystem, according to an official statement by the company.
These new offerings are expected to improve the experience for both tenants and property owners, the firm added.
Travelio was founded in 2015 by Hendry Rusli, Christina Suriadjaja, and Christie Tjong. The platform connects property owners and developers to potential tenants. Renters can browse and instantly book a wide range of fully furnished accommodations that are in accordance with Travelio’s standards.
In an interview with KrASIA earlier this year, Travelio’s chief strategy officer Christina Suriadjaja said that her company specializes in offering lease terms for tenants and flexible payment options, such as monthly payments, per quarter, or in installments, which is different from traditional property agents, as they usually require tenants to sign a lease for one year and pay upfront a one-month deposit.
For property owners, Travelio offers convenience and transparency, says the company, which runs an own property management software and an app called Lio Partner, where partners can check customers’ profiles and reviews, as well as monitor their income.
Travelio now manages nearly 5,000 property units in six cities and aims to expand into new cities in the near future. The company is also preparing an entry to a new market in Southeast Asia, Suriadjaja told KrASIA.
The firm faces competition from US-based Airbnb, and Indonesia’s unicorn Traveloka, which recently launched a new apartment and villa offerings, driven by the increasing demand for alternative accommodation.