HomeAway acquires VC-backed vacation rental startup Travelmob

Financial details were not disclosed but it is an all-cash deal where Travelmob management will retain 37% stake and run it independently, a statement said. The transaction is expected to close in a few weeks.

Last year, Travelmob received $1 million in seed funding led by Jungle Ventures with participation from Accel Partners as well, according to AVCJ Research.

"We're excited to work with the experienced travelmob team to address today's market needs in Asia - where vacation rentals are mostly new, but alternative accommodations are not - to build scale and accelerate the development of the vacation rental industry," said Brian Sharples, CEO of HomeAway.

The buyer plans to incur about $2 million in additional expense to further grow the Travelmob business in the remainder of fiscal year.

HomeAway has participated in two rounds of funding for Tujia.com, China's first online vacation homes rental service, alongside with a group of venture capital firms. Two years ago, it purchased holiday rental business from REA Group and subsequent launch of HomeAway.com.au.

Lauched last year, Travelmob features over 14,000 short-term rental listings including luxury villas, urban apartments, houseboats, a private island and even some shared spaces.

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• Topics
• Southeast Asia
• Venture
• Technology
• Jungle Ventures
• Accel Partners
• Southeast Asia
• Singapore
• Venture
• M&A
• TMT