Kindred, Holiday Swap attract $15M investment rounds

The home-swapping market is heating up with funding rounds for both Kindred and Holiday Swap Group.

Kindred, a membership-only startup, has announced Series A funding of approximately $15 million. 

The investment was led by New Enterprise Associates with participation from existing investors Andreessen Horowitz, Caffeinated Capital, Bessemer Venture Partners and Outset Capital.

The U.S.-based company, which was founded in 2021, enables members to connect with each other and swap homes. It said the funding will go towards expansion in North America including New York City, Los Angeles, Miami, San Francisco and Mexico City. It also plans to launch in a number of European cities this year.

Kindred is also developing its mobile app and matchmaking technology further.

The company says it has experienced a tenfold increase in monthly trip bookings and has attracted 20,000 membership applications since launching its private beta in spring 2022.

Justine Palefsky, co-founder and CEO of Kindred, said: ”We’ve proven that there is significant appetite for a new approach to travel centered on peer-to-peer sharing, where every guest is also a host. Swapping with each other allows Kindred members to travel freely around the world with all the comforts of home. What we’ve seen over the past year is that when travel is both a better and more affordable experience, we start to fundamentally change what’s possible in people’s lives. We're excited to use this funding to continue to grow our network while maintaining a strong experience for our members."

Vanessa Larco, partner at NEA and a Kindred board member, said: ”We believe that Kindred's innovative home-swapping model holds the potential to revolutionize the travel industry, offering unparalleled value and community for travelers.” 

Kindred attracted seed funding of $7.75 million just under a year ago.

In related news, Holiday Swap Group, which is also a membership-based platform, has landed $15 million in fresh funding.

The investment in the United Kingdom-based business, which was set up in 2018, will be used for expansion and the development of the home-swapping platform's user experience.

James Asquith, founder and CEO of Holiday Swap Group, said: “This new investment serves as a testament to our team's dedication and the phenomenal growth we have achieved over the years. We are thrilled to continue innovating and creating new features that make travel even more accessible and enjoyable for our community."