Africa Travel Investor Finds New Rental Venture Incompatible With Remote Workers

A venture studio shut down its remote working startup after discovering its business model wasn’t really meeting its goals. Purple Elephant Ventures, based in Nairobi, Kenya, has pulled the plug on Wavel, a platform designed to connect professionals with high-end properties. The decision came just after Purple Elephant Ventures had raised $1 million, including backing from Ian McCaig, a former lastminute.com CEO. It had set up Wavel to showcase African destinations as ideal remote working locations. Nomads Need Not Apply While brands like Selina have welcomed growing numbers of digital nomads, Wavel was more for high-end professionals, such as in banking or law, perhaps with their family. “The premise was it was a remote working startup,” said Purple Elephant Ventures’ co-founder and CEO Ben Peterson. “Why work from your house in London when you can work from one of the world’s most inspiring locations? Like in Kenya, you can work from the Masai Mara, or from the coast.” Infrastructure proved a challenge, though, with guaranteed wifi and home office space essential. That meant some control over the property was needed. “If we’re controlling these properties, then we become what? We rent them out, we kit them out, we then essentially become a property manager, who’s then responsible for maximizing occupancy,” Peterson said. “But if we’re maximizing occupancy, then it means renting to people who might want to do r