Kleiner Perkins Invests in Inspirato for New Spin on Luxury Vacation Rentals

Denver-based Inspirato has secured $17.5 million in funding for its membership luxury vacation business.

The round was led by Kleiner Perkins Caufield & Byers with other investors participating, including Access Venture Partners and New York Yankees first baseman Mark Teixeira.

The business sounds a little bit like a timeshare, but without a lot of the restrictions.

Members pay a one-time initiation fee of $15,000 and an annual membership fee of $2,500. Members can travel as often as they like and can pick from a property portfolio of 85 residences in 25 destinations, for which Inspirato has entered into long-term leases with the property owners.

Members receive deeply discounted nightly rates, no black-out dates and no brokers’ fees.

The company was founded by Brent and Brad Handler, the co-founders of another travel club called Exclusive Resorts, in January.

So far, the company says it has sold more than 900 memberships and says it is cash flow positive. It plans to use the capital to add even more vacation choices for its members.