HomeAway invests $2M in local Turkish competitor Hemenkiralik.com

HomeAway invests $2M in local Turkish competitor Hemenkiralik.com

HomeAway, the Austin, Texas based global marketplace for vacation rentals, invests $2 million in its local rival in Turkey, Hemenkiralik.com, according to company registration documents. Raising a total of 2.5 million with the contribution of Hemenkiralik's previous investor 212 Capital, the investment round gives HomeAway a 12,9 per cent share and values the Turkish startup at around $16 million.

Hemekiralik is the leading online booking and marketplace for those who are looking for short-term, furnished holiday rentals in Turkey. The startup also serves Russian and Arabic speaking regions where Turkey remains one of the most favoured destinations for tourists. Founded in 2012, HemenKiralik has targeted building a market place of 50,000 properties listed online.

Today the number of properties which are vacant for about 10 months of the year increased to 4.8 million which signifies a lot of room to grow.

Turkey's booming tourism industry attracts an increasing number of travellers every year. Last year this number of visitors reached to an all time high 37 million, making Turkey the sixth most visited destination in the world.

The investment which is yet to be announced, might help international expansion ambitions of both startups.

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