Extended Series B funding round includes successful $3.5m crowdfunding round backed by hosts, guests, and fans of Plum Guide
Plum Guide has announced that it has extended its Series B funding round to raise a total of $31m. The investment, which builds on a $9m cash injection led by Beringea late last year, strengthens the company’s position to capitalise on the ‘revenge travel’ boom. The round also incorporates $3.5m raised through a successful crowdfunding campaign on Crowdcube, which enabled Plum Guide’s fans, guests, and hosts to invest in its future growth.
The investment will allow Plum Guide to accelerate its growth as it creates the definitive list of the world’s most extraordinary holiday homes. Plum Guide’s distinctive vision, to create a world-class trust mark for travel, has been core to the company’s success to date which sees it outranking all competitors as the most recommended homestay company.
Plum Guide finds and awards the best homes in each market through a unique combination of data, technology and expert ‘home critics’. By offering a curated alternative to mass-market booking platforms and selecting only the top 3% of properties in any destination, the company attracts a mature, urban, affluent consumer segment who expect an exceptional experience every time.
This latest funding round signals the start of the travel boom with global travellers shunning hotels in favour of alternative and more personal accommodation with British holiday makers planning to spend £800 more on a holiday this year compared to 2021.
Founder and CEO Doron Meyassed said: "With British consumers spending more in 2022 than in previous years, there is no room for error and so we strive to set that global standard for quality in the travel sector that has previously been lacking. We are catering to discerning global travellers who simply expect the best; they want unique properties in exciting destinations for a homestay in comfort and style and this investment will allow us to scale up to meet that demand."
Karen McCormick, Chief Investment Officer at Beringea, commented: "As consumers start making up for lost time, there is going to be vast demand for exceptional, reliable travel experiences. The entrepreneurial experience of Doron and his remarkable team has ensured that the pandemic has simply driven the company from strength to strength, and its impressive performance as lockdowns have eased demonstrates that Plum Guide is a business strongly positioned to harness the ‘revenge’ travel boom."
Plum Guide, with YouGov conducted a survey of 4,000 British and American holiday makes. The study investigated holidaymakers’ dependence on reviews; revealing that 1 in 3 of Britons refuse to book a holiday without reading online reviews, despite 21% of Britons having been seriously let down by a holiday because of them.