As the market for home rentals expands so does the demand for services that provide the freedom of a vacation, or urban rental with the amenities and luxuries of a hotel.
Inspirato, a high-end vacation rental club, today announced a $20 million fundraising round led by new investor W Capital Partners and with participation from existing investors Institutional Venture Partners and Millennium Technology Value Partners.
This brings the club’s total funding to $70 million.
The financing will be used to boost the company’s growth, expand its portfolio of high-end homes, and invest in platform technology, according to the statement.
Inspirato, which has an initiation fee of $17,500 to join and annual dues of $3,000, leases 240 villas and other upscale properties across the U.S., Mexico, Europe and the Caribbean for the exclusive use of its members who value its planning services and accommodations — and don’t mind dropping $10,000 or more for a one-week escape.
The company claims its membership has nearly doubled to 8,000 members in the last 14 months.
Inspirato is one of several services that offer high-paying customers the opportunity to enjoy the benefits of a vacation rental with the amenities of a hotel.
“Inspirato’s rapid growth is a clear reflection that luxury travelers value the many benefits of vacationing in homes over hotels, but still want exceptional quality on every trip,” said Stephen Wertheimer, managing director at W Capital Partners.
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Photo credit: Inspirato's oceanfront "Villa Buenaventura" residence in Los Cabos, Mexico boasts five bedrooms, a private beach, a private pool and multiple hot tubs. Inspirato