Indonesian property rental startup Travelio has secured an undisclosed sum in a Series C extension round led by an unnamed Korean financial group.
Korea’s DAOL Ventures (former KTB), Orzon Ventures (powered by Thailand Conglomerate PTTOR and 500 Global), and Appworks from Taiwan also participated, along with the existing backer Pavilion Capital.
The startup will use the funds to expand into new cities in Indonesia and launch a new vertical in the rent-to-own sector. “The new initiative will solve the low homeownership issue for middle-class millennials, who comprise most of our tenants. This way, we won’t just be a temporary solution for them for a couple of years but instead for their lifetime,” said Co-Founder and CSO Christina Suriadjaja.
Travelio is an online and transactional platform that allows tenants to pay monthly for a yearly rental. Aside from providing fully-furnished apartments, the startup has expanded its product to unfurnished apartments and houses.
It has over 15,000 properties exclusively managed by the platform. It operates in 12 cities namely Jakarta, Tangerang, Bekasi, Bogor, Depok, Bandung, Surabaya, Semarang, Karawang, Makassar, Yogyakarta and Medan.
The company claims its property management arm that operates fully-furnished apartments has achieved an adjusted EBITDA positive since last year. As a group, it expects to achieve an adjusted EBITDA-positive by the end of this year.
The proptech firm now has more than 600 staff.
In December 2019, Travelio secured funding from Samsung Venture Investment Corporation. This came a month after it announced an US$18 million Series B round co-led by Pavilion Capital and Gobi Partners. Over a year earlier, the firm raised a US$4 million Series A funding round led by Vynn Capital.