Kindred
KINDRED is a members-only home swapping network that is reinventing the way people live and travel.
By exchanging homes with people they trust, Kindred members can live a travel-rich lifestyle while paying just a fraction of the cost of a hotel or vacation rental.
FOUNDERS
Justine Palefsky: ex-Bain Associate Consultant, worked at two real estate startups
Tasneem Amina: ex-Goldman Sachs IB and ex-Yik Yak, worked at real estate startup
These two founders have a great founder fit in this market.
TOTAL ADDRESSABLE MARKET
Market entry
According to Statistica,
The U.S. “vacation rental” market is projected to generate $19.77bn in revenue by 2024
It is expected that 84% of the total revenue in this market will be generated through online sales by 2028
Clearly differentiated from its competitors
Kindred makes home swapping both trusted and convenient.
Competitors: On other sites, chat forums and apps, you have to worry about 1) worrying if the listing is real, 2) the logistics leading up to your stay, and 3) high risk and unpredictability.
Kindred’s Advantage: It is a vetted community that offers a full service of travel experience: matchmaking, 24/7 trip support, providing members with linens and other complementary hosting essentials, and no stress coordinating before and after cleaning. This is all done through a mobile app available on iOS and Android.
WHY THIS IS THE RIGHT TIME TO INVEST
Digital nomadism - a lifestyle where one leverages remote work to travel and live in varying, often affordable locations around the world - is on the rise. Companies and brands need to catch-up to more modern, mobile consumers. Kindred is at the forefront of this.
Specifically for NYC, it is a much better, easier, and cost-effective solution than Airbnb. Airbnb has almost no footing in NYC after the passing of Local Law 18.
More funding can help with building the company’s online platform, matchmaking technology, and branding.
BASIC INFO & MODEL (AS OF JULY 9, 2024)
San Francisco HQ with <20 employees
Series B startup focused in leisure, network effects, and online marketplace
Model: cleaning fees, service fees (source of revenue), credits, NO RENTAL & MEMBERSHIP FEES
Have 30,000+ homes in 100+ cities across the Americas and Europe
Closed their Series B funding round on 2/28/2024, with $40mil in capital
Notable investors include a16z, Bessemer Venture Partners, and BoxGroup
