Social network for home rentals receives £1.1m funding

As you know, here at Anything for Hire we are thrilled to see hire businesses do well, being keen advocates of firms and individuals that add value to the rental industry. This week we were overjoyed to hear the news of a large-scale investment, seeing luxury home rental platform, Stay One Degree, receive a £1.1m, cash injection.

Referred to as a ‘social network for luxury holiday home rentals’, this Seed funding will allow the site to grow its network, adding to the 50 countries already utilising the platform.
In essence, through Stay One Degree, users can rent property from friends and ‘connections’, having complete control over who they are matched with in their ‘exclusive member’s community’. Arguably adding another layer on top of what Airbnb are doing, this business brings a social element into the mix; a clever idea that is quickly flourishing into a one of the UK’s leading startups. Having only launched last December, it’s easy to see that the team are getting off to a flying start, having attracted some high-profile blue-chip investors already. These include Ronald Arculli, the former Chairman of Hong Kong Exchanges and Clearing.

Thomas Bennett, co-founder and CEO of Stay One Degree, talks on why he opted to base the tech business here in the UK.

“The Stay One Degree team is global however the majority of our team are based in London and Hong Kong. These are markets that Jorge and I are very familiar with having lived in both locations. They also present the perfect member demographic for Stay One Degree, with large communities of high income, connected people that travel frequently. From here we have now grown to have members in over 50 countries.”

Talking following the announcement, Bennett shares his vision for the business, detailing how the funding wills support the tech firm in their plans for expansion.

“We are pleased and proud to have closed this funding round and to have the support and deep knowledge and experience of our shareholders. We collectively share the same vision for the luxury holiday home rental market and their investment will allow us to reach our ambitious goals and provide trusted homes and access to unique experiences for our members all over the world” he said.

Equally as thrilled to see the business take its next steps is Arculli; an existing investor.

“We are delighted to become shareholders of Stay One Degree. The company offers an entirely unique business model that provides a trusted platform for members to rent luxury homes. We believe that Stay One Degree with its passionate management team is ideally positioned to capture the huge growth in the luxury home rental market and evolution of the sharing economy,” he added.

So, with everyone hugely confident about what the future holds from Stay One Degree, could it become one of the business greats of our time? Leave your thoughts with us.