As travel restrictions ease, London-based homestay brand Plum Guide secures $9M funding
As per reports, the overnight stay market on a global scale is estimated to be worth $1.2 trillion as the travel industry’s recovery is accelerating post the pandemic. Despite this growth, looking for the perfect stay can feel like a lottery with over 15 million homes online to choose from. Adding to this, the customer reviews are often misleading or untruthful.
London-based Plum Guide, an online platform for high-end vacation homes and homestay experiences, offers highly curated travel experiences.
Investment from Beringea
In a recent development, Plum Guide has secured $9 million (nearly £6.6 million) in a funding round led by Beringea, the transatlantic venture capital firm. Also, existing investors Talis Capital, Hearst Ventures and Latitude took part in the investment round. Plum Guide will use the investment to accelerate its rapid climb towards boasting the definitive list of the world’s best vacation homes, As of now, the company has properties in over 500 destinations across 29 countries.
Plum Guide also offers its community of hosts, guests and fans a chance to participate in this round via a crowdfunding campaign with Crowdcube. It invites those who have a passion for travel and who expect perfection from their homestays to join world-class institutional investors excited by Plum Guide’s distinctive vision; to create a world-class trust mark for travel.
This latest funding round signals the anticipated travel boom in 2022 and beyond, amongst global travellers who prefer hotels in favour of alternative and more personal accommodation.
Founder and CEO Doron Meyassed said: “We’re proud to have built a brand that guests love, with industry-leading NPS due to our unique approach to curation at scale. Plum Guide is the new global standard for quality in the travel sector. The Plum Guide Award is to travel what the Michelin Star is to food, and what the New York Times Bestseller List is to books.”
Karen McCormick, Chief Investment Officer at Beringea, commented: “The entrepreneurial experience of Doron and his remarkable team has ensured that the pandemic has simply driven the company from strength to strength, and its impressive performance as lockdowns have eased demonstrates that Plum Guide is a business strongly positioned to harness the ‘revenge’ travel boom.”
Zihao Xu from Octopus Ventures commented: “Plum Guide is perfectly placed in this environment. Customers have always loved Plum’s service (as shown by its industry leading NPS), and over the last 18 months Doron and the team have shown top class resilience in weathering the storm and improving both the service and the business fundamentals yet further. We have worked with the Plum Guide team for almost four years and are more excited than ever about the future of this special company.”
Most recommended homestay company
Founded by Doron Meyassed, Plum Guide finds and awards the best homes in each market through a unique combination of data, technology and expert ‘home critics’. Its alternative approach that separates the good from the great has been perfected since its debut in 2016. Now, the brand is the world’s most recommended homestay company. It has attracted a total of $57 million in investment since its launch.
Plum Guide offers a curated alternative approach to mass-market booking platforms and selects only the top 3 percent of properties in any destination. Eventually, it attracts a mature, urban, affluent consumer segment that expects exceptional experience each time they travel.