The investment fuels the next phase of growth for the leading
digital luxury travel agency.
MALLORCA, Spain, July 16,
2024 /PRNewswire-PRWeb/ -- Essentialist, a leading
premium digital travel service, has just closed a Series A growth
round of c. USD 10M. The
international growth equity fund, IRIS Ventures, which specializes
in identifying disruptive next-generation consumer propositions,
led the transaction with participation from existing and new angel
investors.
"We at Essentialist have risen to the
market's call for real disruption by meeting traveler expectations,
marrying advanced technology with ultra-personalization, curation,
insider experiences and faster turnaround times" says Founder and
CEO of Essentialist, Joan
Roca.
Launched in 2017 and with a view to deliver the ultimate travel
experience to the most discerning customers, Essentialist offers
bespoke, polished and hassle-free travel experiences, curated from
almost 1,000 global destinations. The Company has already reached
major milestones and intends to use this capital round to fuel
growth by investing in brand development, continued innovation for
the curation and automation of its product, strengthening of its
DTC business and scaling of its B2B channel.
When speaking to the genesis of the Company, Joan Roca, Founder and CEO of Essentialist,
said: 'The premium end of the travel industry, a highly fragmented
$1.3tn market, is one of the largest
verticals yet to be disrupted by technology. We at Essentialist
have risen to the market's call for real disruption by meeting
traveler expectations, marrying advanced technology with
ultra-personalization, curation, insider experiences and faster
turnaround times".
By leveraging data, proprietary technology and in-house creative
talent, Essentialist is able to generate uniquely curated and
bespoke itineraries through seamless, high touch digital
experiences that cater to its membership-base of discerning and
sophisticated travelers. The company has built a leading database
of customized luxury travel experiences that feed its itineraries
(70k+ experiences worldwide). Essentialist's growing network of
200+ travel and lifestyle editors review and update over 2,500 of
their best recommendations on an ongoing basis.
Catalyzed by the COVID-19 pandemic, IRIS believes that travel
spend across income demographics will continue to accelerate. With
the premium segment increasingly representing a disproportionate
amount of the total market, travelers are looking to spend their
money on one-of-a kind experiences. This thesis is also shared by
the largest players in the luxury industry, highlighted by LVMH's
$3.2BN acquisition of Belmond Hotels,
Famille C's acquisition of Evok Collection, Christian Louboutin's minority investment in
Experimental Group and Accor's recent bid for Habitas, to name a
few.
Montse Suarez, Founder and
Managing Partner of IRIS Ventures, notes that "today's luxury
consumers expect products of exceptional quality and unparalleled
service that acknowledge their unique needs and preferences. When
it comes to the luxury travel industry, the booking experience is
far from desirable. Essentialist's beautiful itineraries, its
five-star client service and the power and reliability of its
technology is unique in the industry and a testament to Joan's
vision, leadership and the strength of his team. In this context,
we are extremely excited to be backing Essentialist, a first mover
in the travel industry to truly revolutionize the luxury travel
booking experience through standout curation and technology."
About Essentialist
Founded in 2017 by Joan Roca,
Essentialist is a membership-based travel service providing highly
bespoke and curated trips globally. A digital-first travel agency,
Essentialist combines innovative technology and a worldwide network
of travel insiders to deliver a unique, customized and
user-friendly experience to its discerning base of passionate
travelers. Essentialist designs journeys that are unique to each
member by connecting them with people, places and experiences
enabling them to travel deeply within a destination. Benefits
include a dedicated Member Experience Manager, access to special
amenities and exclusive benefits, one-of-a-kind experiences and
local insights from over 200 travel writers, insiders and
tastemakers. For more information, please
visit essentialist.com and follow on Instagram at
@essentialist.
About IRIS Ventures
IRIS Ventures is the advisor to IRIS Fund I FCRE, a EUR 100M growth equity fund targeting European
and US purpose-led consumer-centric next-generation brands and
tech-enabled solutions.
Media Contacts:
Essentialist:
Chandler McCain
Murphy O'Brien
essentialist@murphyobrien.com | 310-453-2539
Iris Ventures:
Montse Suarez
montse@weareiris.com | +44 788 705 6223
Florian Wojewodzki
florian@weareiris.com | Tel: +44 786 313 1318
Marc Calzada
marc@weareiris.com | Tel: +34 659 32 08 09
Media Contact
Esssentialist, Murphy O'Brien, 1 (310) 453-2539,
essentialist@murphyobrien.com
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SOURCE Murphy O'Brien