Total amount raised
$22.8 Millions
Latest funding date
Location
Kindred has successfully raised $15 million in funding, supported by a diverse group of 19 investors, including notable names like Evan Moore and Outset Capital. The platform offers a unique members-only home exchange community, allowing users to swap homes and travel freely.
Keep reading to explore the intricacies of Kindred's fundraising journey and the investors backing this innovative platform.
What Is Kindred?
Kindred, founded in 2021 by Justine Palefsky and Tasneem Amina, is a members-only home exchange community based in San Francisco, California. The platform allows users to swap homes and travel freely, fostering a trusted network where members host their own homes to remain guests.
With a team of 11-50 employees, Kindred emphasizes authentic travel experiences and cost savings by staying in real homes rather than hotels or rentals. Members can book up to 5 nights before they host and earn travel credits by hosting or referring friends.
Kindred's unique approach to home sharing eliminates nightly fees, creating a seamless and budget-friendly way for members to explore new destinations. The community's focus on trust and peer-to-peer connections sets it apart from traditional vacation rental platforms.
How Much Funding Has Kindred Raised?
- Seed Round
- Amount Raised: $7.8M
- Date: April 2022
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To build the initial platform and attract early adopters.
- Series A
- Amount Raised: $15M
- Date: April 2023
- Lead Investors: New Enterprise Associates
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations in North America and Europe, and enhance the mobile app and matchmaking technology.
Total amount raised: $22.8M. Current valuation: Not publicly disclosed.
Key Investors
- New Enterprise Associates (NEA)
- Details: NEA is a global venture capital firm that invests in technology and healthcare companies at all stages of growth. Vanessa Larco, a partner at NEA, is also a board member at Kindred.
- Investment Focus Areas: Technology, healthcare, consumer products.
- Notable Investments: Robinhood, Coursera, Duolingo.
- Andreessen Horowitz
- Details: Andreessen Horowitz, also known as a16z, is a venture capital firm that backs bold entrepreneurs building the future through technology. They were a lead investor in Kindred's seed round.
- Investment Focus Areas: Software, fintech, bio + healthcare.
- Notable Investments: Facebook, Airbnb, Lyft.
- Caffeinated Capital
- Details: Caffeinated Capital is a venture capital firm that invests in early-stage technology companies. They focus on high-growth startups with disruptive potential.
- Investment Focus Areas: Technology, software, consumer internet.
- Notable Investments: Brex, Airtable, Flexport.
- Bessemer Venture Partners
- Details: Bessemer Venture Partners is a leading venture capital firm that partners with entrepreneurs to build and grow enduring companies. They have a long history of successful investments.
- Investment Focus Areas: Cloud computing, cybersecurity, healthcare.
- Notable Investments: LinkedIn, Shopify, Twilio.
- Outset Capital
- Details: Outset Capital is a venture capital firm that invests in early-stage technology companies. They aim to support innovative startups with strong growth potential.
- Investment Focus Areas: Technology, software, consumer products.
- Notable Investments: Not publicly disclosed.
What's Next for Kindred?
Kindred's future looks promising as it plans to expand into major North American and European cities, tapping into a growing market for peer-to-peer home swapping. With 20,000 membership applications and a tenfold increase in monthly trip bookings, the potential for growth is substantial. Enhancing their mobile app and matchmaking technology will further solidify their position in the travel industry.
Future fundraising opportunities seem likely, given the strong investor interest and the company's rapid growth. However, Kindred will need to navigate challenges such as maintaining high satisfaction scores and managing the complexities of international expansion. Competing with traditional rental businesses will also be a hurdle as they scale.
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