Any new travel business plotting to capture some of the action in the rental and sharing sector should probably think again.
Or, at the very least, they should not be assuming the financial backers will be queuing up to part with their money.
That's the view of some leading venture capital execs who believe the home rental sector is now hugely over-invested.
Appearing on a panel at the Phocuswright Europe Conference in Dublin this week, a trio of VCs - (Morgan Lesné (Financière Cambon), Sean Seton-Rogers (PROfounders Capital) and Bruno Tourme (Eurohold)) were asked to identify both the over and under-invested parts of the industry.
As well as singling out the rental sector as the one likely to face issues in terms of its ability to raise fresh money, Lesné argues that there is now only room for two or three major players, led by Airbnb and HomeAway/Expedia.
But it's not all bad news for budding entrepreneurs, with the VCs suggesting the coporate travel market is still ripe for disruption, or at least having a bunch of existing players that should be challenged.
This, they argue, is because many have not taken a modern leap on from their "legacy systems".
Other areas where businesses are more likely to win the hearts and minds of a VC include hospitality software, CRM systems and personalisation IT.
Still, despite the lukewarm reaction to the rental/sharing market, all were keen to point out that the venture money is "not cooling off" yet.
Sure, there is a degree of caution around many of the investments, with deals taking longer to complete than in previous years, but the "sky is still blue".