Travelio, an Indonesia-based residential property marketplace developer backed by property development and construction firm SSIA, has closed its series B round at $18m, TechCrunch reported on Wednesday.
The round was co-led by private equity fund Pavilion Capital and venture capital firm Gobi Partners and was backed by unspecified existing investors.
Founded in 2015, Travelio runs a marketplace where Indonesian users can seek residential apartments in Jakarta under short-term leases ranging from one day to several months offered by its partner landlords and third-partner real estate dealers.
A typical property listing on the platform is priced at about $350 for a single month, which Travelio believes should alleviate concerns over downpayments and security deposits on short-term lets.
Travelio receives between 20% and 35% of the revenues from each booking. More than 4,000 properties are listed on its service at present, all of which come fully furnished and with house cleaning and maintenance provided.
Travelio aims to have 20,000 apartments available by the end of 2020 in the hope of serving demand from Indonesia’s rising middle-class population.
SSIA backed the company’s $2m pre-series A round led by Gobi Partners in 2016, investing alongside Anthill Ventures and unnamed angel investors.
Travelio subsequently raised $4m in a May 2018 series A round led by Vynn Capital that featured Insignia Ventures Partners, Fenox Venture Capital, IndoGen Capital and Stellar Capital.