June 27, 2012
, the world's first
, a new category of upscale accommodation, which lets visitors stay in a distinctive home while the owner is out of town, has raised
in Series B financing led by US venture capital firm Canaan Partners. Existing investors Index Ventures and PROfounders also participated in this round. This funding brings onefinestay's total capital raised to date to
and will be used to support the company's launch in
New York City
and other international expansion plans.
"Two years ago, we hardly dared dream that owners of high-end homes would be so receptive to our business model," says co-founder and CEO of onefinestay,
. "But today with hundreds of members in
together making many millions a year, many thousands of satisfied guests, and the support of leading investors, we are hugely excited about our US launch and international expansion. With an extraordinary range of homes to choose from, we are able to offer the same promise to visitors to
as we have to visitors to
: live like a local."
onefinestay redefines the experience of city travel by combining the distinctive character of a beautiful private home with a service that offers the convenience and comforts of a high-end hotel. While guests enjoy living like a local, host members benefit by earning additional income from a house or apartment that would otherwise sit vacant. Hundreds of hosts in
today enjoy the flexibility of using their own homes when in town and, despite the fact that none is a professional landlord, many are already earning significantly more than
First launched in
, the complete
service provided to members, from marketing and photography to insurance, cleaning and provision of linens, has proved extremely popular. In
onefinestay launched in
with just six members' homes. Two years on, the company manages over 500 upscale homes, and exclusively manages a property portfolio worth over
. The company's revenues increased tenfold in 2011, and this growth is today supported by a dedicated team of over 100.
The company's success has helped attract top tier international investors, including leading global venture capital firm Canaan Partners, which led the Series B funding round.
from Canaan Partners joins the board, and said: "We are thrilled to be leading this round. The onefinestay team are talented, driven and insanely ambitious. We share their belief that there will be an
in every major world city, and look forward to supporting their growth."
onefinestay's Series A funding was led by leading venture capital firm Index Ventures with participation from PROfounders Capital, and included some of the foremost players in the travel and hospitality industry, such as
, co-founder of Lastminute.com;
, co-founder of Active Hotels; and
, former Director of Marketing for
successful 2012 Olympic bid.
said, "We are pleased to welcome Canaan Partners as investors to the company.
has outstanding bi-coastal presence in the US, and we particularly value their
profile. We look forward to working with them to execute the next phase of our growth - our launch in
onefinestay's launch in
is the first stage in a wider strategy of international expansion, with ambitions set on having an
in every major world city.