UK holiday rentals specialist expects to see ‘revenge travel’ boom post-pandemic
Plum Guide completes $31m Series B round after $3.5m Crowdcube raise
UK Holiday rental specialist Plum Guide has announced an extended €31 million Series B funding round following a crowdfunding bid on Crowdcube.
The firm raised $3.5 million on Crowdcube from fans, guests, and hosts, following a $9 million investment from Beringea in late 2021.
The extended Series B round was led by Beringea and was also supported by existing investors Talis Capital, Hearst Ventures and Latitude (LocalGlobe).
The Plum Guide said the latest cash injection will allow it to build on growth which today sees it offer verified and accredited homes in 500 destinations in 29 countries.
It said it is poised to capitalise on the so-called expected ‘revenge travel’ travel boom as holidaymakers look to treat themselves post pandemic with longer and more expensive getaways.
Founder and chief executive Doron Meyassed said: “With British consumers spending more in 2022 than in previous years, there is no room for error and so we strive to set that global standard for quality in the travel sector that has previously been lacking.
“We are catering to discerning global travellers who simply expect the best; they want unique properties in exciting destinations for a homestay in comfort and style and this investment will allow us to scale up to meet that demand.”
Plum Guide describes its vision as creating a “world-class trust mark” for travel claiming this has been core to the company’s success in “outranking all competitors as the most recommended homestay company”.
Plum Guide has its own bespoke quality testing regime which combined data, technology and feedback from expert ‘home critics’.
It offers only the top 3% rated homes in any destination targeting affluent, mature and urban customers who have high expectations.
Karen McCormick, chief investment officer at Beringea, said: “As consumers start making up for lost time, there is going to be vast demand for exceptional, reliable travel experiences.
“The entrepreneurial experience of Doron and his remarkable team has ensured that the pandemic has simply driven the company from strength to strength, and its impressive performance as lockdowns have eased demonstrates that Plum Guide is a business strongly positioned to harness the ‘revenge travel’ boom.”