Investors seem to be at the stage of backing niches within a niche, especially within the burgeoning sector of the moment: vacation rentals.
Edge Retreats, a UK-based startup which features only luxury properties (or “ultra luxury”, as it often says), has attracted a modest $1 million seed funding this week.
Leading the round is Lean Investments, with support from existing backer Foward Partners.
The total amount raised by the company so far is $1.4 million.
Travel journo-turned-entrepreneur, CEO Luke McCormick, who had a stint at deals site Secret Escapes before founding Edge Retreats in 2015, says the funding will be used to expand the network of properties and the number of countries it features.
Some 3,000 rentals are currently available in 35 countries.
McCormick claims the luxury end of the rental market will be worth in the region of $23 billion by the end of this year.
Lean’s portfolio of companies includes Zesty, SeekingAlpha and Maillary, whilst Forward Partners has backed Hailo, Zopa and Snaptrip.
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