Updated: Apr 12
Whimstay scores $10 million and equity crowdfunding scores another success story.
Another big win for retail investors: Whimstay, a company that's revolutionizing the way we book last-minute vacation rentals, just raised $10 million from venture capital, along with a number of exciting updates. You might remember their successful $1.7 million crowdfunding campaign on StartEngine not too long ago. While the valuation wasn't announced, their previous valuation was at $33 million so unless they sold over 33% of their company, it was a growth round. Regardless, the company now has $10 million to help fuel growth, and that VC backing in case they want to raise money in future rounds.
This is also really impressive in general, giving the incredibly poor funding environment currently. VC funding has been continually declining since Q4 of 2021. While it's still hovering around the 2020 levels, things have only been getting worse. The collapse of Silicon Valley Bank and the overall poor economic outlook have been continually weighing on the market. Despite this, Whimstay managed to secure a relatively large chunk of change from institutions.
So, what's next for Whimstay? With this new funding, they plan to hire key personnel and develop innovative products and features to improve the guest experience. The goal is to make it even easier for travelers to find great deals on last-minute vacation rentals, while helping property managers fill vacancies during typically low-occupancy periods.
Whimstay is uniquely positioned to tap into a massive $60 billion market opportunity by targeting the 50% of vacation rental nights that go unoccupied each year. Their recent integration with Google Vacation Rentals has led to a surge in guest traffic and bookings, contributing to a 7x increase in year-to-date bookings compared to the same period last year.
As a fellow travel enthusiast and retail investor, I'm thrilled to see Whimstay's continued growth and success. This funding round is a testament to their innovative approach and the confidence investors have in their ability to transform the vacation rental industry.
The announcement can be found here: https://www.prnewswire.com/news-releases/whimstay-the-leading-last-minute-vacation-rental-marketplace-raises-10-million-in-equity-301794075.html