The company helps connect investors to property owners and helps both develop a profitable relationship that ends in affordable vacation accommodations for users.
It’s the next in a string of successes for the young business. Recently, the startup announced the February launch of its beta app, as well as the development of a strategy for cryptocurrency compatibility.
The Future of Travel Business
However, while the travel industry is in the process of rebounding, it’s been a rough year. Government officials worldwide have urged their people not to travel, and it’s led to major declines across a number of industries. Still, experts believe there is hope.
“No one’s getting ready to pop open a bottle of champagne yet,” travel consultant Henry Harteveldt told Fortune. “But there is hope right now that summer 2021 will come in and be certainly not only much stronger than this year, but at or above 50% of where we were in 2019.”
And this hopefulness could actually work in Vaycaychella’s favor. Enthusiasm for widespread vaccination is at a high, and some experts anticipate that we will be closer to normal relatively soon. Vaycaychella has the potential to ride this wave of hope to great effect in the next year.
In reality, the fact that the startup was able to collect $100 million during what is likely the worst year for tourism in modern history is remarkable, and that alone bodes well for the young company.
The Regulatory Environment Encouraging Travel Startups
There are also regulatory factors at work here. The recently-passed coronavirus stimulus — worth $900 billion — was lauded by travel industry leaders and described as a lifeline to struggling travel-based businesses.
"We applaud the bipartisan group of senators that drove progress forward, and the congressional leadership for striking a bipartisan agreement to produce this desperately needed assistance," US Travel Association President and CEO Roger Dow said in a statement. "The agreed-upon provisions will give many suffering businesses a bridge to 2021.
So while things might have looked bleak in the past, they’re getting much better. The future of travel post-pandemic is bright, and the continued success of key businesses in the industry like Airbnb, which recently announced an upcoming initial public offering (IPO), is proof of that.
“Sharing economy technology like Airbnb, Uber and we like to think, Vaycaychella apps, empowers everyday individuals around the world to combine their personal resources (homes, cars, savings and talent for example) under a single organized business,” said Vaycaychella Chief Executive William Justice in a statement. “...Sharing economy technology creates a never before possible democratization of capitalism.”
About the Author
Elijah Labby is a graduate of the National Journalism Center. He has previously written for Broadband Breakfast, a technology and internet policy website.