Tuesday, January 31, 2012
Inspirato Receives Additional Capital to Fund Rapid Expansion Plans
Portfolio to reach 280 properties by year-end with funding from premier later-stage VC firm IVP
DENVER (January 31, 2012) - Inspirato, the destination club for a new generation of luxury consumers, today announced plans to add at least 180 new properties in 2012 to its already expansive portfolio of luxury homes at the world's finest vacation destinations.
"We are on target to add at least one new home or hotel suite to our portfolio every other day in 2012," says Brent Handler, Inspirato's Founder and CEO. "Inspirato already doubled its portfolio to more than 100 properties since opening our doors a year ago. We are committed to providing our members with as many luxury vacation choices as possible."
Inspirato's continued growth will be fueled in part by a $20 million investment the company recently received from later-stage venture capital firm Institutional Venture Partners (IVP). One of the premier VC and growth equity firms in the U.S., IVP has been able to achieve a 43.2 percent average internal rate of return over the past 30 years due to its track record of backing companies that stand out in their respective markets.
"Inspirato provides affluent travelers with exceptional vacation experiences at beautiful luxury properties all over the world" said Todd Chaffee, general partner at IVP. "The level of service and the value delivered by Inspirato is unlike anything ever offered in the travel industry."
Mr. Chaffee is one of the world's top venture capitalists, according to the Forbes magazine Midas List. He has led venture investments in companies such ArcSight, Ariba, ComScore, HomeAway, Kayak, Netflix, Nuance, Omniture, Twitter, Verisign, and Yahoo. Mr. Chaffee will join Inspirato's board of directors.
Inspirato's innovative business model - leasing rather than owning vacation properties to keep membership fees and rates low - inspired Forbes to name Inspirato one of America's Most Promising Companies in 2011. Last October, Inspirato received $17.5 million in equity funding led by Kleiner Perkins Caufield & Byers (KPCB).
"People don't need to overpay for a luxury vacation," explains Handler. "There is a huge market of affluent consumers out there looking for a smarter alternative to traditional vacation options. And Inspirato is here to serve them."
Designed specifically for a new generation of luxury consumers, Inspirato offers the best of destination club consistency and service, together with unmatched value, flexibility and low-cost membership. Our members have access to an ever-growing portfolio of luxury homes in the world's top destinations, including California, the Caribbean, Colorado, France, Hawaii, Italy, London, Mexico, New York City and more. By leasing vacation properties (rather than owning), Inspirato is able to keep membership fees low, offer more than 50 percent off market rates, and easily add homes and destinations as demand increases. Our innovative business model has led to rapid growth since our January 2011 launch, placing Inspirato at the forefront of the "luxury for less" movement. For more information about Inspirato, visit www.inspirato.com.
About Institutional Venture Partners (IVP)
With $3 billion of committed capital, Institutional Venture Partners (IVP) is one of the premier later-stage venture capital and growth equity firms in the United States. The partnership is currently investing IVP XIII, a $750 million later-stage fund focused on investments in rapidly growing technology and media companies. Founded in 1980, IVP has invested in over 300 companies, 89 of which have gone public. IVP is one of the top performing firms in the industry and has a 30 year IRR of 43.2%. IVP specializes in venture growth investments, industry rollups, founder liquidity transactions, and select public market investments. Since its inception, IVP investments include such notable companies as ArcSight (HPQ), Aspect Communications, ComScore (SCOR), Concur Technologies (CNQR), Digital River (DRIV), Dropbox, HomeAway (AWAY), Juniper Networks (JNPR), Kayak, LegalZoom, LivingSocial, MySQL (ORCL), Netflix (NFLX), Polycom (PLCM), Seagate (STX), Shazam, Synchronoss (SNCR), Tivo (TIVO), Twitter, and Zynga (ZNGA). For more information, visit www.ivp.com or follow IVP on Twitter at @ivp.