Indonesian property technology startup Travelio has raised US$18 million in its Series B financing round led by Singapore-based Pavilion Capital and China’s Gobi Partners. The round was joined by existing backers including IndoGen Capital, Vynn Capital and Insignia Ventures, which participated in the company’s US$4 million Series A funding round in May last year.
Travelio operates an online real estate platform that connects property owners and developers to potential tenants, who can browse and book fully furnished accommodations.
The company works primarily with property developers and their agents, unlike foreign competitor Airbnb, which mainly focuses on renting out single rooms or whole units listed by individual property owners. It has close to 5,000 exclusive management contracts signed in Jakarta, Tangerang, Bekasi, Depok, Bandung, and Surabaya. It plans to enter five more cities in the first quarter of next year. Room nights booked for properties under Travelio’s management rose six to seven times year on year.
