After nearly 2X membership growth Inspirato scores a new $20M funding round

After nearly doubling its membership in the past 14 months, from 4,000 to 8,000 members, online vacation home rental service Inspirato has just raised a $20 million round. This brings Inspirato’s total funding to $70 million. The company said it plans to use the new funding as growth capital to lease more properties and to launch a mobile app.

 

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Inspirato works like a cross between a vacation home rental service and a hotel. The company establishes long-term leases on luxury homes, sets up hotel like services around their properties, then rents those properties out to vacation goers via its website. Because it leases its properties instead of buying them outright, Inspirato's cash isn't tied up longterm in any asset and the company can quickly adjust its inventory to meet vacationer's tastes.

 

In a vacation rental industry that is fractured by thousands of different property owners, the allure of Inspirato is a bundled up and polished vacation rental experience with resort-styled extras. Members get access to a ‘Personal Vacation Advisor’, a sort of travel agent, and destination concierge services, which provide everything from ground transportation, grocery delivery, babysitting, house cleaning, and restaurant reservations.

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The company obviously believes the market for these luxury vacation experiences to be vast. In addition to the recent funding, it has been establishing vacation home show rooms called ‘Experience Centers’ across the country. Moreover, Inspirato leases 240 luxury homes across the United States, Mexico, Europe and the Caribbean; the properties are estimated to be worth $740 million.

 

“Inspirato is well capitalized, however, this additional financing allows us to pursue broader expansion while at the same time continuing to invest in our most important priorities — delivering world-class vacations and service for our members, growing our portfolio with new homes and destinations, and adding value to membership,” said Brent Handler, founder and CEO of Inspirato in a statement.

 

Inspirato was founded in 2011, is based in Denver and has around 185 local employees. This latest round of capital came from W Capital Partners and existing investors Institutional Venture Partners and Millennium Technology Value Partners. Inspirato also has previously received investments from Kleiner Perkins Caufield & Byers.