Roomorama Merges with Lofty.com

Roomorama.com, a Singapore-based company that specialises in online short-term rental accommodation, has merged with Lofty.com, a Europe-focused short-term rental site founded by Fabrice Grinda and managed by his team of experienced vacation rental professionals. With the merger comes an injection of US$ 2.1 million in seed funding.

Investors include Jose Marin, PROfounders Capital L.P., Lerer Media Ventures L.P., and Thrive Capital Partners.

“This is an exciting time for all of us,” said Fabrice Grinda, founder of Lofty, and also Co-CEO of OLX Inc. “By combining the strengths of both companies, Roomorama will now be the leading marketplace for mid-range to high-end rentals.”

Roomorama witnessed exponential growth last year, reporting an average gross booking value of US$1,330 with over 80% of bookings for 8-14 nights.

In Asia Pacific, the short-term rental platform's growth has tripled, in just over a year after it expanded into the region. Booking statistics from Roomorama also revealed that there are now 200% more APAC travellers booking their travel accommodation via the online platform, as compared to the first quarter of last year.

The website currently lists 50,000 properties in more than 3,600 locations worldwide, and is aiming to more than double the inventory by the end of 2012, with over 20% of the listings in the Asia Pacific region.

“The strength of the combined team gives me great confidence that we will deliver what the short-term rental industry and its customers have been seeking – higher quality, improved reliability, and a swifter booking process,” said Roomorama co-founder and co-COO Jia En Teo. “With Lofty joining the team, we are well positioned to offer our customers a further enhanced experience in the short-term-rental space. The year 2012 will be a remarkable year for us as we continue to make Roomorama more accessible for our customers.”

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