Members-only home-swapping network Kindred has raised $125 million to scale growth.
The funding includes a $40 million Series B round co-led by NEA and Figma CEO Dylan Field, as well as an $85 million Series C round led by Index Ventures.
Kindred said the funding will help it evolve and offer more “interconnected sub-communities" where travelers can swap with friends of friends or within trusted networks. The company will also be investing in product and trust and safety infrastructure over the next year and in the future.
“Travel has long been dominated by two options: hotels and short-term rentals," said Justine Palefsky, co-founder and CEO of Kindred.
“Peer-to-peer home swapping is emerging as the third option, and it's no longer niche. Our momentum signals that home swapping has become a global movement, and this funding allows us to build Kindred not just as a product but as a social travel platform rooted in trust, generosity and belonging.”
Kindred's business model differs from short-term rental marketplaces as most homes on the platform are members’ primary residences. This is due to the fact that Kindred operates non-commercial exchanges, with no money going back and forth between hosts and guests. Members only pay to access the service, and nights and credits cannot be bought or sold, the company explained.
“When travel is built on exchanging nights between peers instead of renting from commercial businesses, travel becomes more human, and homes stay on the market for locals,” Palefsky said.
Kindred, a PhocusWire Hot 25 Travel Startup for 2024, was co-founded in 2021 by Palefsky and president Tasneem Amina. The company said it currently has 300,000 members, with service fees averaging between $20 and $45 per night.
Kindred raised $15 million in a Series A round in 2023 and attracted nearly $8 million in seed funding a year prior.