Kindred – a members-only home swapping network – announced the successful completion of its Series A funding round at $15 million. This funding round was led by New Enterprise Associates with participation from existing investors Andreessen Horowitz, Caffeinated Capital, Bessemer Venture Partners, and Outset Capital and welcomed several new individual investors like Evan Moore (former Khosla investor) and Dylan Field (Figma CEO).
The company enables members to unlock a lifestyle rich with travel and human connection by matching with trusted peers to stay in each other’s homes as guests, not renters. And the recent funding round highlights the potential of the give-to-get sharing economy to make travel a way of life. Kindred Members have spent more than 5,000 nights at one another’s homes, and both Host and Guest Satisfaction scores are above 9 out of 10.
Kindred plans to use the funding to expand across core cities in North America in major markets including New York City, Los Angeles, Miami, San Francisco, Mexico City, etc. and launch in several major European cities later this year. Plus the company will also continue to invest in its mobile app, building out its matchmaking technology and helping members discover new home swap opportunities.
Since launching in private beta last spring, Kindred has experienced a tenfold increase in monthly trip bookings and has received 20,000 membership applications, largely from primary residences instead of investment homes. And this growth points to Kindred’s efforts to make hosting approachable, trustworthy, and hassle-free for real people who are looking to share or swap their primary residences, versus those running short-term rental businesses.
KEY QUOTES:
“We believe that Kindred’s innovative home-swapping model holds the potential to revolutionize the travel industry, offering unparalleled value and community for travelers. We are thrilled to be part of Kindred’s journey and look forward to seeing the company’s growth and expansion with this newest round of funding.”
- Vanessa Larco, partner at NEA and Kindred board member
“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.”
- Justine Palefsky, CEO and co-founder of Kindred
