Leavy.co, a travel-focused lifestyle app that helps millennials travel more without getting into debt, has secured funding of $14 million. The injection has been hailed as the largest ever seed funding round in travel tech worldwide.
Venture capital investor Prime Ventures led the round into the Paris-based startup, with additional participation from Dominique Vidal, angel investor and partner at Index Ventures. The deal was advised by Chausson Finance.
Chief executive Aziza Chaouachi developed the idea for Leavy while renting her home on Airbnb to finance the cost of airline tickets as a law student. The Paris-based startup’s mobile app rewards members in cash or travel credit for renting out their homes while away on a trip.
“Travel no longer means heading off to the Canary Islands for a week,”Chaouachi said. “It’s visiting your family for the weekend when you are studying abroad, or heading off to Barcelona for that sunny summer job.
“Leavy.co is about helping our members live the lives they want in a meaningful way, no matter where they are from, who they are or their budget.”
Leavy.co currently boasts a community network of more than 65,000 millennials, the majority of whom are women. Since launching less than two years ago, the startup has grown 30% month-over-month and now has over 100 employees across six markets.
Pieter Welten, partner at Prime Ventures, added:
“Aziza has an exhilarating vision for the future of travel. What with a millennial community that is 100% self-managed, the social impact the company offers is both game-changing and very scalable. We couldn’t be more thrilled to back Leavy.co.”