Denver-based Inspirato, a luxury travel subscription startup, announced Wednesday that it’ll merge with Thayer Ventures Acquisition Corp in order to be listed as a public company.
The combined company will operate as Inspirato, and brothers and co-founders Brent and Brad Handler will remain as CEO and executive chairman of the board, respectively. Thayer’s co-CEO Chris Hemmeter will join the company’s board of directors.
This deal, which values Inspirato at $1.1 billion, follows in the footsteps of several other private companies that have opted to go public through a SPAC merger. After the deal goes through, Inspirato will become a publicly traded entity with its stock listed on Nasdaq under the ticker symbol “ISPO.”
“We are excited to enter a new chapter of growth and innovation with Thayer,” Brent Handler said in a statement. “With this announcement, we are well-positioned to expand our vision of revolutionizing luxury travel through our simple and intuitive consumer subscriptions.”
The merge is anticipated to close in Q4, upon which the combined company is expected to receive $260 million of net cash proceeds, according to a press release. These funds will be used to invest in Inspirato’s platform and technology, expand the company’s portfolio and offer additional products and services for subscribers.
The luxury travel startup launched in 2011 after the Handlers found themselves wanting more out of their family vacation. To solve this, they created a travel company that combines the perks of a private vacation home with personalized services found at a resort. Since launching, Inspirato has built a network of over 385 luxury vacation homes and more than 500 five-star hotel and resort partners.
Inspirato offers two subscription packages. For a monthly fee of $600 (in addition to subscriber-only nightly rates when traveling), Inspirato Club grants members access to the company’s vacation homes, resorts and experiences. Inspirato Pass, which costs $2,500 per month, waives all nightly rates, taxes and fees.
Since its inception, Inspirato has raised at least $79.7 million in funding, according to the company’s Built In page. It has also generated more than $1.2 billion in revenue with annual recurring revenue anticipated to exceed $200 million by Q4 of 2022, according to the release. Inspirato is actively hiring for dozens of roles based in Denver and Vail, with several additional remote positions available.
