Last-minute self-catering provider Snaptrip has plans to “dominate the UK market” on completion of a late seed funding round, that takes total investment in the company beyond $1 million in less than 12 months.
The funding round by angel investors comes less than a year since the business went live in April 2014, increasing inventory from 250 to 15,500 properties.
Original investor, venture capital firm Forward Partners, followed on in the latest round of funding, giving the company a longer 12-18 month window to further secure its position as the best last minute self-catering solution.
The investment will be used to finance an aggressive growth strategy aiming to more than double inventory to 40,000 properties through a series of strategic partnerships, giving it twice as many bookable UK properties as other self-catering websites.
The brand plans to introduce live and accurate late booking inventory and pricing, something that it claims is previously unseen in the UK, and to expand into other parts of Europe.
Matt Fox, chief executive, said: “We have worked hard to bring together a group of investors that have proven credentials within the UK start-up ecosystem
“Their experience and connections will prove invaluable as the company continues to progress and expand.”
He added: “Snaptrip aims to completely dominate the UK market with the largest inventory of self catering holiday accommodation ranging from cottages and houses to apartments and more unusual properties.
“The average saving on booking last minute rather than 8-12 weeks ahead of travelling is almost £100. Snaptrip will cater for travellers looking to book based on late availability deals, rather than the destination.”
London-based Snaptrip also plans to introduce flash sales to the self-catering sector by offering exclusive discounts to members who sign up.
The company claims it will offer unique discounted inventory, highly targeted based on the users’ search history and preferences, unavailable on any other self-catering site.
The team of 10 aims to grow this membership model alongside the introduction of other unique search parameters.
Bookings are confirmed by phone immediately after the reservation enquiry is made, removing any risk of fraud or phishing on the site or with rental partners.
Fox said: “We’re doing a number of things very differently – we’re proving that it’s never too late to book and that if you wait, you can save up to 50% on a break – we want people to be spontaneous, enjoy more leisure time and think more about when to go and not where.”