Luxury Retreats, a Montreal, Canada-based rental company providing personalized luxury villa vacations, has raised $5m in venture capital.
The round was led by iNovia Capital.
The company intends to use the funding to strengthen its balance sheet and to pursue future growth opportunities. It plans to add at least 50 new destinations such as London and New York City in the next twelve months.
In conjunction with the deal, Chris Arsenault, Managing Partner at iNovia Capital, will join Luxury Retreats’ Board of Directors, along with Bertrand Cesvet, Founding Partner of Cirque du Soleil Lifestyle Group and Chairman of global agency Sid Lee, and Hugh Crean, Entrepreneur in Residence at General Catalyst Partners, a venture capital firm, and former General Manager of Bing Travel.
Founded in 1999 by CEO Joe Poulin, the company operates a website that offers more than 2,000 hand-picked, personally inspected villas in over 50 destinations worldwide. Luxury Retreats also provides guests complimentary concierge services, worldwide guest support, as well as villa specialists who help travelers find their perfect villa, without charging any membership fees.
The company employs over 150 professionals in Montreal, Barbados, St. Martin, and Buenos Aires.