Luxury Airbnb alternative Plum Guide raises USD31 million and to disrupt homestay market
Plum Guide has announced that it has extended its Series B funding round to raise a total of USD31m. The investment, which builds on a USD9m cash injection led by Beringea late last year, strengthens the company’s position to capitalise on the ‘revenge travel’ boom. The round also incorporates USD3.5m raised through a successful crowdfunding campaign on Crowdcube, which enabled Plum Guide’s fans, guests, and hosts to invest in its future growth.
The investment will allow Plum Guide to accelerate its growth as it creates the definitive list of the world’s most extraordinary holiday homes. Plum Guide’s distinctive vision, to create a world-class trust mark for travel, has been core to the company’s success to date which sees it outranking all competitors as the most recommended homestay company.
Plum Guide finds and awards the best homes in each market through a unique combination of data, technology and expert ‘home critics’. By offering a curated alternative to mass-market booking platforms and selecting only the top 3% of properties in any destination, the company attracts a mature, urban, affluent consumer segment who expect an exceptional experience every time.
This latest funding round signals the start of the travel boom with global travellers shunning hotels in favour of alternative and more personal accommodation with British holidaymakers planning to spend GBP800 more on a holiday this year compared to 2021.
Founder and CEO Doron Meyassed says: “With British consumers spending more in 2022 than in previous years, there is no room for error and so we strive to set that global standard for quality in the travel sector that has previously been lacking. We are catering to discerning global travellers who simply expect the best; they want unique properties in exciting destinations for a homestay in comfort and style and this investment will allow us to scale up to meet that demand.”
Karen McCormick, Chief Investment Officer at Beringea, commented: “As consumers start making up for lost time, there is going to be vast demand for exceptional, reliable travel experiences. The entrepreneurial experience of Doron and his remarkable team has ensured that the pandemic has simply driven the company from strength to strength, and its impressive performance as lockdowns have eased demonstrates that Plum Guide is a business strongly positioned to harness the ‘revenge’ travel boom.”
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