Essentialist, a luxury travel concierge based in Mallorca, Spain, has secured a $10 million series A funding round led by Iris Ventures. This specialist fund is investing in the good life by supporting a new-generation travel service that aims to provide hassle-free travel experiences for its members.
Essentialist charges an annual fee of $2,600 for clients to join the community and access its bespoke itinerary services. Using a combination of AI technology and personalized service, Essentialist creates unique travel plans tailored to clients’ hobbies, interests, and preferred activities.
Members of Essentialist can enjoy a wide range of exclusive experiences, such as private gallery tours for art collectors, concert tickets for Swifties, and meetings with creative industry professionals for fashion enthusiasts and movie buffs. The company’s team is dedicated to inspiring visits and offers 24/7 service throughout the trip.
With a few thousand members, primarily based in the U.S., Essentialist sees an average annual spend of $38,000 per member. Montse Suarez, founder of Iris Ventures, praises Essentialist as a pioneering company in the luxury travel industry, offering exceptional quality, unparalleled service, and unique experiences to its clients.
Joan Roca, the founder and CEO of Essentialist, views the premium travel market as a $1.3 trillion industry ripe for technological disruption. The recent funding round will be used to enhance the brand, develop the product, and expand the company’s reach in both direct-to-consumer and business-to-business channels.
Essentialist boasts a database of over 70,000 luxury travel experiences worldwide, curated by a team of 120 staff members from 25 different nationalities. The company’s mobile app, launched in November 2023, allows members to access sample itineraries, bookmark favorites, and provide feedback to improve personalized recommendations.
Roca emphasizes the shift from traditional travel services to a more tech-savvy and customer-centric approach. Essentialist’s blend of technology and human touch aims to deliver perfect travel experiences tailored to individual preferences. The company’s commitment to quality, service, and innovation sets it apart in the luxury travel industry.