The round was joined by existing backers including IndoGen Capital, Vynn Capital and Insignia Ventures, which participated in the company’s $4 million Series A funding round in May last year.
Having started out as an accommodation-sharing platform for travellers, Travelio has evolved into an online residential real estate platform for local and expat tenants looking for temporary housing and affordable living options.
The company works with property owners and developers to help manage and monetise their vacant properties. It claims to have partnered with almost 5,000 properties across the country.
Travelio said it will invest the fresh capital in marketing, talent acquisition, and development of new product verticals to better serve tenants and property owners.
It also plans to launch new services, including interior design, daily necessities, financing and logistics-related services.
“Right now users’ interaction with the platform is they only use Travelio to rent, which is done two or three times a year, and that’s it. Since they are already on our app, we want to provide more services to them. So anything you can think of that is related to their living needs, we will launch for them,” Travelio co-founder Christina Suriadjaja said.
With the introduction of more services on its platform, Travelio looks to become “the go-to internet platform to meet the living needs of all Indonesians regardless of their duration of stay,” said Travelio co-founder and CEO Hendry Rusli.
Founded in 2015, Travelio claims to be a first mover in terms of its business model. However, it is now seeing increased competition from a number of players employing a similar business model. Insignia Ventures-backed YukStay, for instance, provides a marketplace for urban apartment rental, connecting apartment owners to those looking to find housing.
Similar businesses that target a slightly different demographic are Vertex-backed Roomme and Mamikos, which help tenants find co-living accommodations.