9flats
3 months ago
 

Wimdu sharing wannabe sold to Wyndham brand Novasol

Something in the coffee over at Wyndham Worldwide, with its rental brand Novasol buying Wimdu – a company that merged with 9Flats just eight weeks ago.

The deal comes the same day as Wyndham Vacation Rentals invested in UK-based luxury home rental brand Veeve.

Terms of the Wimdu acquisition – confirmed by CEO of the combined company, Roman Bach – have not been disclosed.

The good news for Wyndham’s Denmark-based brand Novasol (a 48-year-old rental service from Denmark, formerly known as Noridsk Ferie) is that it will get its hands on 350,000 short-term rental properties in 100 countries.

Novasol has a modest figure of 40,000 properties in 29 European countries.

The company will have a reasonably difficult task on its hands if it wants to try and resurrect the ambitions of Wimdu.

Both Windu and 9Flast positioned themselves in their early days as viable competitors to their well-funded and media-adored counterpart in the US, Airbnb.

The pair were founded over five years ago.

Wimdu started well, receiving a €90 million investment round that was co-led by Rocket Internet, the Berlin incubator, and Kinnevik of Sweden.

9flats has received about $10 million from sources such as PROfounders Capital and Redpoint Ventures, but its last raise was a Series B in 2012.

Rocket Internet was said to be looking for a buyer for Wimdu, in what German news reports called “a fire sale” in mid-2016.

Fast-forward to the autumn of this year and the pair decided to combine, with 9Flats CEO Bach overseeing the company.

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Kevin May

About the Writer :: Kevin May

Kevin is senior editor and a co-founder at Tnooz. He was previously editor of UK-based magazine Travolution and web editor of Media Week UK from 2003 to 2005.

He has worked in regional newspapers (Essex Enquirer) and started his career at the Police Gazette at New Scotland Yard in London. He has a degree in criminology, a postgraduate diploma in magazine journalism and publishes his first book - a biography about Depeche Mode - in early-2017.

 

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  1. Richard Vaughton

    The winners in this game of VR are beginning to polarise into various segments.

    Contractors to the properties and hence control the distribution
    A very few OTA’s who control the spend and big brands (hence global marketing smaller older players such as these two will sell or crash and burn)
    Technology suppliers to facilitate more direct and re-marketing business and payments
    Management contractors to do the hard miles at the sharp end
    Niche destination or niche market focussed marketing platforms.

    All hooked together via API’s. Expect more fallout.

     
  2. Stein

    Lot of money in game but…no one say that since August 2016 9flats doesnt payout the (from them cashed ) money of rented flats to the owners!

     
  3. Oz Har Adir

    It is always interesting to see how little can capital raised bring you in travel if you don’t get your strategy right.

     
 
 

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