9flats explained

9flats.com
Type:Privately held company
Foundation:, Launch:
Location:Singapore[1]
Owner:eVentures, Redpoint, T-Ventures, Founders
Founder:Stephan Uhrenbacher
Roman Bach
Key People:Stephan Uhrenbacher, Chairman
Industry:Lodging

9flats is an online marketplace enabling people to lease or rent short-term lodging. The company does not own any lodging; it is merely a broker and receives commissions from both guests and hosts in conjunction with every booking.[2]

The site competes with Airbnb.[3]

It has over 50,000 members and 30,000 hosts in 104 countries.[4]

History

9flats was launched by German internet entrepreneur Stephan Uhrenbacher – founder of Qype, and former head of northern European operations for lastminute.com.

The founders secured funding from venture capital fund E.ventures (CityDeal/Groupon) and launched 9flats.com in February 2011 with an inventory of 5,000 places.[5]

In May 2011, 9flats secured another round of investment from venture capital funds Redpoint Ventures (HomeAway), ProFounder (ex-lastminute.com) and Greycroft Partners, bringing the total funding to US$10 million.[6] [7] [8]

In late 2011, 9flats became the first well-known European or North American company in the social travel space to open an Asian office in Singapore, led by VP of Asia Ng Wei Leen, establishing a presence ahead of global competitors like Airbnb.[9] [10]

In January 2012, 9flats completed a round of funding led by T-Venture, the venture capital arm of Deutsche Telekom AG. This round included Redpoint Ventures and E-Venture Capital Partners (Hamburg).[11]

In August 2012, 9flats acquired Toronto-based competitor, extending its service to North America and growing its property base to 100.000 apartments.[12] [13] [14]

In August 2012, Wired ranked the company 6th on its list of hottest startups in Berlin.[15]

In March 2013, 9flats introduced bitcoin as payment method.[16] [17]

In February 2014, Roman Bach was named CEO; he vacated that post in April 2016. Uhrenbacher moved to the advisory board.[18]

In 2014, 9flats announced that it is the first profitable player in the social travel industry.[18]

In November 2014, 9flats made prepayment optional and allowed user to pay with cash.[19]

In October 2016, 9flats acquired Wimdu.[20] [21]

In December 2016, 9flats sold Wimdu to the Novasol brand of Wyndham Destinations.[22]

Notes and References

  1. Web site: 9FLATS: Legal info . 9flats.
  2. Web site: Andrew . Couts . Travel hotel-free by finding unique lodging online . Digital Trends . 23 May 2011.
  3. News: Palmer . Maija . Berlin emerges as technology challenger . . 28 October 2011 . subscription.
  4. Web site: 9flats.com . 9flats LinkedIn page . LinkedIn.
  5. News: Seiderer . Sophia . Schlafplatzvermittlung im Internet: Von Sofa bis Penthouse . . 16 March 2012.
  6. News: Bradshaw . Tim . Airbnb moves ‘aggressively’ into Europe . . 31 May 2011 . subscription.
  7. News: 9Flats apartment rental platform brings total funding to $10M . Kevin . May . Phocuswire . May 17, 2011.
  8. News: 9flats, the European Airbnb, secures 'major investment' from Silicon Valleys' Redpoint . Steve . O'Hear . . May 17, 2011.
  9. News: 9flats banks on security and customer service to make it big in Asia . . March 27, 2012.
  10. News: Airbnb sets up Singapore office . Chin Hui . Wen . SG Magazine . November 16, 2012.
  11. News: Bernau . Varinia. Was die Telekom mit Groupon und 9flats vorhat . . 12 January 2012.
  12. News: O'Hear . Steve . 9flats Acquires iStopOver To Put The Heat On Airbnb, Doubles Its Rentals Capacity . . August 6, 2012.
  13. News: Meyer . David . Airbnb rivals consolidate as 9flats picks up iStopOver . . August 6, 2012.
  14. News: 9Flats buys iStopOver, targets home turf of Airbnb . Kevin . May . Phocuswire . August 7, 2012.
  15. News: Europe's 100 hottest startups 2012: Berlin . ANDY . PEMBERTON . . 15 August 2012.
  16. News: Bitcoin Couple Travels the World Using Virtual Cash . . Paul . Vigna . 20 November 2013 . subscription.
  17. News: 9Flats pushes digital currency Bitcoin as form of payment . Karthick . Prabu . Phocuswire . April 16, 2013.
  18. News: O'Hear . Steve . 9flats Founder Steps Down From CEO As Hamburg-Based Airbnb Competitor Breaks Even . . February 20, 2014.
  19. News: 9Flats makes prepayment optional, allows cash for home rentals . Sean . O'Neil . Phocuswire . November 26, 2014.
  20. News: Airbnb's Most Well-Funded European Rival Wimdu Is Acquired by 9flats . Andrew . Sheivachman . . October 10, 2016.
  21. News: Wimdu and 9flats combine into one short-term rental company . Sean . O'Neil . Phocuswire . October 9, 2016.
  22. News: Wyndham Steps Up Investment in Sharing Economy With Two New European Deals . Patrick . Whyte . . December 5, 2016.