Asian holiday rental website travelmob has sold 63% of its business to global market leader HomeAway. The deal is all cash and no figures have been revealed. “The travelmob management team will retain a 37% share of the business and continue to operate as an independent brand from its Singapore headquarters,” HomeAway said in a statement, adding that it expects to invest a further US$2 million in travelmob this year.
HomeAway has been working with travelmob since March though a distribution partnership. “Built on a transaction-based model, travelmob features over 14,000 Asia Pacific short-term rental listings including luxury villas, urban apartments, houseboats, a private island and even some shared spaces,” HomeAway said.
“Co-founded in 2012 by Chief Executive Officer Turochas Fuad and Chief Technology Officer Prashant Kirtane, the site and its 16-person-team supports 13 currencies and operates in Bahasa, Chinese, Japanese, Korean, Russian, Thai, Vietnamese and English.
“Early investors of the start-up include Jungle Ventures, Accel Partners and private investors, including Dan Neary, vice president of Asia Pacific at Facebook.”
Asia Pacific is an increasing focus of HomeAway, “beginning with its purchase of the holiday rental business from REA Group Limited in Australia and the subsequent launch of HomeAway.com.au.
“Last year, HomeAway made a minority investment in China-based vacation rental company, Tujia.com, in partnership with Ctrip.com International (NASDAQ: CTRP), the leading online travel service provider in China (and) also has distribution partnerships with Wego.com and Tripvillas.com.
“Most recently, HomeAway opened a sales office in Bangkok, Thailand in April of this year to serve the growing inventory of private villas offered to the public as vacation rentals.”