Indonesian proptech startup Travelio closes $18m Series B round

A property listed on Travelio's website. Photo: Travelio

Indonesia-based property technology startup Travelio has closed a Series B funding round of $18 million co-led by Pavilion Capital and Gobi Partners, the company announced on Thursday.

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.