Inspirato, the vacation destination club, has logged another $20 million in growth capital.
This latest financing was led primarily by new-to-Inspirato investors W Capital Partners, with participation by existing investors Institutional Venture Partners and Millenium Technology Venture Partners.
The cash influx will be used to expand the company's portfolio of luxury vacation rentals - not a cheap prospect, given the costly long-term leases and property management involved. The cash will also maintain the company's position in the marketplace, says founder and CEO Brent Handler:
Inspirato is well capitalized. However, this additional financing allows us to pursue broader expansion while at the same time continuing to invest in our most important priorities — delivering world-class vacations and service for our members, growing our portfolio with new homes and destinations, and adding value to membership.
The company, which bills itself as "the world's largest destination club," has seen enormous growth in its market. By leveraging real-world marketing techniques via its Experience Centers, and by focusing on the overall benefits for its affluent customers, the company continues to show strength as it dominates the market with its tech-savvy, digital approach to marketing its destination club offerings.
Inspirato reports a doubling of membership in the past 14 months, landing at just under 8,000 members as of today. During that same period, over one hundred residences were added to its portfolio, which the company claims is now worth $750 million across 240 luxury homes in the US, Europe, Mexico and the Caribbean.
A recent tie-up with American Express has increased the company's reach, and is paying off as far as increased interest and excitement about the product - not to mention a potential suitor down the line. A new product that focuses on surfacing great deals for members, Jaunt 52, is also allowing the company to fill off-peak demand in its homes.
About the investment, Managing Director at W Capital Partners Stephen Wertheimer shared in the announcement:
Inspirato’s rapid growth is a clear reflection that luxury travelers value the many benefits of vacationing in homes over hotels, but still want exceptional quality on every trip. By removing the uncertainty that can come with online vacation rentals, adding personal service and resort-style amenities, and providing members with compelling value, Inspirato has created clear separation within its space. We are excited to be part of the company’s continued success.
The company initially raised $5 million, and then unconventionally raised $11 million in further funds through 50 individuals rather than investment firms. This latest round brings the total to over $70 million in financing since launching back in January 2011.