Luxury travel subscription service Inspirato has announced a $25 million investment from Capital One Ventures.
The convertible note investment will go towards “broad operating flexibility,” according to a statement.
Nathan Krishnamurthy, partner at Capital One Ventures, said: “Through strategic investing, we look to harness the potential of innovative companies that could integrate well with Capital One’s business and infrastructure. With its access to extraordinary properties around the world, a well-developed technology footprint and white glove service capabilities, Inspirato offers a unique membership for luxury travelers.”
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Capital One recently acquired digital concierge service Velocity Black. The bank is also an investor in Hopper and acquired the team and assets of Lola back in October 2021.
Inspirato, which was launched in 2011, and Thayer Ventures announced a plan to merge and go public via special purpose acquisition company just over two years ago. The value of Inspirato post IPO was estimated at $1.1 billion.
Brett Handler, co-founder and CEO of Inspirato said: “Inspirato is focused on leveraging innovation to drive customer satisfaction and growth. This investment enables us to set a global standard for luxury travel and continue enhancing our exceptional experiences to meet evolving consumer needs.”
Announcing its second quarter 2023 results the company reported revenue of $84 million, flat versus the same period in 2022.
Total active subscriptions numbered 15,200 made up of 12,200 Inspirato Club subscriptions and roughly 3,000 Inspirato Pass subscriptions.
Net loss for Q2 was $47 million while adjusted EBITDA loss was $12 million.
The company also launched Inspirato Rewards, its first member loyalty program offering savings and benefits based on tiers.