Fractional and timeshare resale portal raises seed funding
Vacatia, an online marketplace for timeshare and fractional ownership properties, has raised US$5 million in seed finding, with investment from senior hotel industry and online travel figures.
The site's parent company, Vacation Listing Service (VLS), says it is "developing a marketplace for the vacation ownership industry with a mission of supporting credibility, transparency and liquidity. We are dedicated to helping buyers, sellers, timeshare brokers, real estate agents, developers and resort managers come together online".
The investment will be used to progress Vacatia from beta status to an official launch.
Vacatia's seed investors include online travel, and hotel and vacation rental industry veterans, such as Spencer Rascoff (Zillow, Expedia, Hotwire), Erik Blachford (Expedia), Robert Spottswood (Hyatt Vacation Ownership), Raymond L. “Rip” Gallein Jr. (Starwood Vacation Ownership and Marriott Vacations Worldwide), and Barry Sternlicht and Steve Hankin (Starwood Capital). Also participating on a personal basis in the round were Egon Durban of SilverLake and Gene Frantz of Google Capital. Bee Partners, Peterson Ventures and Meyer Ventures also contributed.
The convergence of different forms of leisure property and the growth of the vacation rental sector will be among the subject debated at the second annual Leisure Real estate Summit in London next year.