Kindred, a San Francisco-based startup founded by Opendoor alumni Justine Palefsky and Tasneem Amina, has raised $15 million in a Series A funding round led by New Enterprise Associates (NEA). The company aims to revolutionize the travel industry by providing a cost-effective and unique home-swapping experience for travelers.
Kindred's business model is designed around a members-only network that enables users to exchange their homes with one another, creating a trusted environment for a seamless lodging experience. Participants pay a service fee to Kindred, but no money is exchanged between the members themselves.
For each night a member's home is used by another user, they accumulate credit to use for stays in other members' homes, fostering a give-and-get approach. Kindred's service fee ($30 per night maximum) covers company costs and margin, while guests also pay for cleaning expenses of the home they're staying in. The startup recently introduced a pay-as-you-go model with no annual commitment and an optional $600 Kindred Passport, allowing users to book an unlimited number of trips for a year without service fees.
Kindred distinguishes itself from other accommodation platforms by focusing on real people and real homes instead of property managers and vacation rentals. “Every guest is also a host, so everyone has skin in the game. This creates an environment of mutual trust and accountability,” explains CEO Justine Palefsky.
Since launching last spring, Kindred has experienced a tenfold increase in monthly trip bookings and received 20,000 membership applications, predominantly from primary residences. Members have had over 5,000 stays at one another's homes so far, suggesting a promising future for the home-swapping network.
Kindred plans to utilize the new funding to expand its geographic reach beyond North America, targeting major European cities such as London, Berlin, and Amsterdam. The company also aims to improve its product offerings and technology, including its AI-powered Matchmaker algorithm for personalized member recommendations. The expansion will enable the startup to bring more primary residences into the vacation rental market, unlocking a massive untapped opportunity.
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