Getaway, a Brooklyn, New York-based company that leases tiny cabins in the woods, says it has raised $41.7 million in Series C funding and will use the capital to expand across the United States. In a news release announcing the investment, the company stated that its target market is city-dwellers and that the cabins it leases are located within two-hour drives of major urban centers.
Driven in part by renters’ desires to find easily accessible vacation destinations, the company’s bookings increased 150 percent year over year in 2020 compared to 2019, and occupancy was “nearly 100 percent.”
Getaway calls its destinations “outposts,” and says the new funds will be used to add a third outpost outside New York City, a second one outside Boston and new ones serving Chicago, Nashville and Seattle. As the COVID-19 pandemic took hold, the company opened outposts serving Austin, Texas; San Antonio, Texas; Charlotte, North Carolina; and Raleigh, North Carolina. Getaway said the new outposts will bring the total to 17, up from 12 in 2020 and nine in 2019.
“Our mission at Getaway has always been to provide people with a simple way to disconnect in nature, and in 2020 we have seen people turn to Getaway as a destination to safely disconnect,” Founder and CEO Jon Staff said in a prepared statement.
Prices vary by market, with cabins outside Atlanta going for about $129 a night in the near future and cabins in the Catskill Mountains, north of New York, going for $229 and more over the same period. The cabins are 50 to 100 feet apart, according to Getaway.
According to Getaway, the new funding comes from global private equity firm Certares, which focuses on travel, tourism and hospitality. Certares Founder and Senior Managing Director Greg O’Hara said in a prepared statement: “Since its founding, Getaway’s commitment to the guest experience has resulted in exceptional customer satisfaction, which has propelled the company’s market-leading growth.”
The Series C funding follows a $22.5 million Series B funding round led by Starwood Capital that closed in June 2019.