Iris Ventures Invests $10 Million in Luxury Travel Concierge Essentialist

In a significant move within the luxury travel sector, Iris Ventures has led a $10 million series A funding round for Essentialist, a cutting-edge travel concierge service. Combining artificial intelligence with personalized service, Essentialist aims to revolutionize the travel experience for its clients by creating bespoke itineraries that cater to individual preferences and interests.

Based in Mallorca, Spain, Essentialist offers its members, who pay an annual fee of $2,600, access to meticulously crafted travel experiences. These experiences are not just about booking flights, hotels, and restaurants; the company leverages data, proprietary technology, and its creative team to curate journeys that align with clients' hobbies and activities.

For instance, art collectors can enjoy private tours of galleries and museums, while music fans might receive concert tickets to exclusive events. Fashion enthusiasts are provided opportunities to meet with creative directors and designers, and movie buffs might find themselves attending prestigious events like the Venice Film Festival.

The Essentialist team is dedicated to ensuring a seamless travel experience, offering 24/7 support throughout the journey. With a membership base primarily in the United States, the average annual spending per member with the company reaches $38,000.

Montse Suarez, founder and managing partner of Iris Ventures, highlighted Essentialist as a "first mover in the luxury travel industry," noting that the investment aligns with Iris Ventures' focus on consumer companies that simplify and enhance people's lives. Suarez emphasized the importance of delivering high-quality, unique experiences to modern luxury travelers, who "expect products of exceptional quality and unparalleled service that acknowledge their unique needs and preferences."

Joan Roca, the founder and CEO of Essentialist, pointed out that the premium travel market, valued at $1.3 trillion, remains highly fragmented and is yet to be fully disrupted by technology. He noted that the latest funding would be used to further develop the brand and product, increase awareness, and build a stronger community. Additionally, the funds will support the growth of both the direct-to-consumer business and the business-to-business channel, which is becoming an increasingly important avenue for the company.

Since its inception in 2017, Essentialist has built a comprehensive database of over 70,000 customized luxury travel experiences, which feed into its personalized itineraries. The company employs a diverse team of 120 staff members from 25 different nationalities and collaborates with over 200 travel and lifestyle editors who continuously update and review travel recommendations.

In November, Essentialist launched a mobile app that allows members to request information, view sample itineraries, and bookmark their favorites for future travel plans. Each interaction with the app helps the platform to better understand the member’s tastes and preferences, with AI assisting in matching them with suitable offerings. Once the final selections are made, a Member Experience Manager handles the bookings.

Reflecting on the evolution of the travel industry, Roca reminisced about the early days when tickets were delivered on motorbikes, contrasting sharply with today’s digitized yet impersonal options. He noted that the proliferation of online travel sites has led to an overwhelming choice with insufficient curation. By combining new technology with a personal touch, Essentialist aims to offer "perfect travel experiences" that are thoughtfully curated and highly personalized.