Startup Leavy.co reportedly set the record for the largest seed round in the history of travel technology with $14 million in funding.
The seed round, which closed in January 2019, was led by Dutch investor Prime Ventures, with angel investor Dominique Vidal also participating.
Chausson Finance served in an advisory role for the deal.
The Paris-based company will use the funding to develop its mobile app that rewards members in cash or travel credit for renting out their homes while away on a trip.
Tickets for flights and lodging can be purchased on the app.
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CEO Aziza Chaouachi developed the idea for Leavy while renting her home on Airbnb to finance the cost of airline tickets as a law student.
“Travel no longer means heading off to the Canary Islands for a week,” says Chaouachi.
“It’s visiting your family for the weekend when you are studying abroad, or heading off to Barcelona for that sunny summer job.”
Members can also get paid on the app by taking care of the homes listed and serving as a local host.
“Leavy.co is about helping our members live the lives they want in a meaningful way, no matter where they are from, who they are or their budget,” says Chaouachi.
Since launching in 2017, Leavy says it has reached more than 65,000 millennials and has grown 30% month-over-month.
Says Pieter Welten, partner at Prime Ventures and Board Member at Leavy.co: “Aziza has an exhilarating vision for the future of travel.
“What with a millennial community that is 100% self-managed, the social impact the company offers is both game-changing and very scalable. We couldn’t be more thrilled to back Leavy.co.”