TravelNest secures £1.8m Series A follow-on funding from Silicon Valley Bank and Scottish Enterprise
Silicon Valley Bank and Scottish Enterprise have backed TravelNest to support staycation growth and product development.
TravelNest operates a vacation rental platform that automates marketing and increases exposure across major booking sites. The technology helps property hosts improve occupancy rates while reducing administrative overhead.
Edinburgh-based vacation rental platform TravelNest has secured £1.8m in Series A follow-on funding from Silicon Valley Bank and Scottish Enterprise. The capital comprises a £1.5m CBILS loan and £300k from the Early Stage Growth Challenge Fund. The fresh backing will support product development and customer acquisition as the company capitalises on the growth of domestic staycations.
The business experienced a temporary downturn during the onset of the coronavirus pandemic, but has since recorded triple-digit increases in booked nights. With changing consumer preferences favouring domestic rural properties over hotels, management believes the platform is well positioned to capture market share.
Silicon Valley Bank and Scottish Enterprise continue their support following previous equity rounds. The funds aim to sustain the company's trajectory through the travel sector's ongoing recovery.
From the founder
"We are excited about the year ahead. The changing dynamics of travel play to our advantage and present a huge opportunity for TravelNest and our customers. Industry data shows that people are opting for holiday rentals over hotels, and there is also a marked shift in travel behaviour with more domestic travel and a preference for accommodation in rural rather than urban settings."
Doug Stephenson
Founder and CEO at TravelNest
Investor perspective
"We are very excited to deepen our partnership with TravelNest. The company has shown great resilience in an incredibly trying time and we look forward to being a part of their growth story."
Bailey Morrow
Director, Silicon Valley Bank
Use of funds
- 01Continue product development
Investors
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About the company
TravelNest
TravelNest provides an online marketing platform for vacation rental properties.