SnapTrip attracts £250k in seed funding

By Travolution
By Travolution
August 6, 2014 12:22 PM GMT

Late-availability holiday rentals discount site SnapTrip has been established after attracting £250,000 in seed funding.

Investment group Forward Partners is backing the start-up company which features more than 9,000 UK self-catering properties, claiming discounts of up to 40%.

SnapTrip offers rental agencies and individual holiday rental owners the opportunity to increase their annual revenue by creating offers for unsold periods on a last-minute basis.

It claims the average annual occupancy of UK holiday rental properties stands at at 52%, so there is significant unsold inventory each year.

A beta site was unveiled in April before the fully operational site went live last month.

The business has been crated by partners Matt Fox, former head of marketing and operations at pureholidayhomes.com, and Dan Harrison who managed the UK software engineering team at HomeAway.

The pair plan growth throughout the UK, before embarking on expansion through mainland Europe and the US.

Fox said: “Rather than punishing individuals for not booking early, we reward them for their spontaneity and sense of adventure.

“There is already a large market for last-minute bookings in our sector and it’s growing each year, with no dedicated platform for holidaymakers to go to.

“Our research has shown that on a last-minute basis, users will look at more than 10 websites and spend over a day finding an appropriate getaway.

“SnapTrip aims to remove that hassle and not only make it easier for couples to experience a romantic break in the Lake District, or a family to enjoy the beautiful Cornish beaches but offer them compelling discounts for doing so.”

Forward Partners managing partner Nic Brisbourne said: “SnapTrip is an extremely promising company with the potential to dominate in an untapped market.

“Our excitement for this business stemmed from the wealth of unsold inventory and the huge gains ‘last-minute’ brands have made in the hotel sector.

“All the foundations are in place for SnapTrip to be punching in the same class as these companies within the next 12 months.”

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