London, Edinburgh, 4th December 2017 – Pentech has announced that its new fund, Pentech Fund III, has invested in TravelNest, an innovative software company in the travel sector. The investment in TravelNest is the first investment by Pentech Fund III.
The £3m seed round was led by Pentech and included Frontline Ventures and Mangrove Capital Partners.
TravelNest aims to reinvent the way vacation rentals advertise. It is an online platform that aggregates hundreds of vacation rental advertising channels, and then uses intelligence and automation to match vacation rental owners with the most optimum advertising channels, thereby giving them access to millions of guests that were previously inaccessible. This is centralised into one simple, easy-to-use product, which includes innovative tools to allow vacation rental owners to further optimise their multi-channel advertising.
Doug Stephenson, Founder and CEO of TravelNest, said: “For vacation rental owners, advertising their properties can be a huge pain. They often lack the necessary resources and time to advertise their properties, so it is almost always done sub-optimally. In part, this is because the fragmentation of both supply and demand in this market creates enormous inefficiencies. TravelNest solves this problem by making optimal advertising available to all vacation rental owners. We are delighted to welcome Pentech, Frontline and Mangrove and look forward to working with them.”
Craig Anderson, Partner at Pentech who joins the board of TravelNest, said: “Doug is assembling a first class team with a very strong conviction that the fragmented supply in the vacation rental market offers significant potential for growth through automation and aggregation. We are excited to lead this £3m funding round and very much look forward to supporting Doug and the team as they capitalise on this market opportunity.”
Pentech is a leading UK venture capital investor, having been actively investing in early stage software companies since 2001. Its latest fund – the £88m Pentech Fund III – was launched in May 2017 and will invest in early stage software companies throughout the UK. Prior investments include FanDuel, Maxymiser, Nutmeg and Outplay.