Luxury home rental club scoops $17.5m VC funding

High-end villa and holiday home rental website Inspirato has secured $17.5 million to fund an expansion of its property portfolio

High-end villa and holiday home rental club Inspirato has secured $17.5 million to fund an expansion of its property portfolio.

The funding has come from venture capitalists Kleiner Perkins Caufield & Byers (KPCB). Other investors included Access Venture Partners and New York Yankee Mark Teixeira.

Inspirato was launched in January and claims to have sold 900 memberships for a one-off $15,000 joining fee and $2,500 annual membership renewal.

The site offers members luxury holiday homes at a fraction of the price they would normally rent for and says it has combined the best elements of vacation property investment portfolios and holiday clubs.

Brent Handler, founder and chief executive, said: “KPCB’s investment in Inspirato offers further proof that ‘smart luxury’ is alive and well, and that savvy consumers are looking for a better way to vacation with family and friends.

“Our members recognize that overpaying for a luxury vacation is no longer a status symbol. They have been burned too many times playing vacation roulette with online rental sites and have no interest in first-generation destination clubs whose initiation fees are typically hundreds of thousands of dollars.”

Ted Schlein, partner at KPCB who will join Inspirato’s board, added: “We believe that Inspirato is rapidly becoming the standard for luxury vacations in homes.

“Offering an affordable, fully-curated member experience from one vacation to the next distinguishes Inspirato from other luxury vacation rental options.
“I am excited to work with the Handlers who co-founded Exclusive Resorts and have deep expertise in this business.”

Schlein added, “In the luxury market, even affluent consumers are prioritising value and exercising discretion when making purchase decisions.

“We believe there is a significant advantage for businesses that not only offer quality, but also value to the affluent consumer.”