VC firm TA Venture has jointly invested along with other angel investors in a USD1.2 mln round of financing for InBed.me, a budget travel and booking website for students and other cost-conscious travelers. The funding will be used to target specific geographical pockets and increase business growth there.
InBed.me is a social platform that allows travelers to book hostels, beds and couches for their upcoming trips. Useful information about previous occupants and their contact details make it a transparent method of comparing experiences and getting live reviews from those who have stayed at the same place before. Launched in November 2011, InBed.me has already registered more than 2,000 hostels and rentals, and has signed an agreement with hostelworld.com to feature their inventory as well, taking the total vendor base to more than 25,000 choices around the world. South America is the current target for the company; with the 2014 Brazil Olympics preparations underway, they expect to see a boom in that market in the coming months leading up to the big event. The entire model is monetized on a commission basis from vendors whose services get booked through the site.