Getaway, a “tiny house” rental startup, has raised $15 million in funding. The investor was L Catterton.
GREENWICH, Conn. and BROOKLYN, N.Y., Feb. 23, 2017 /PRNewswire/ — Getaway, a designer and operator of “tiny house” rentals, today announced that it has received a $15 million strategic growth investment from L Catterton, the largest consumer-focused private equity firm in the world.
Founded in 2015 at Harvard University’s Innovation Lab by Jon Staff and Pete Davis, Getaway designs and operates “tiny house” rentals in beautiful rural areas just outside major cities. The company places their custom built homes, each between 160 and 200 square feet, on secluded land in wooded, natural landscapes and rents them out by the night to those looking to easily escape their daily routines and experience the restorative benefits of nature. Consumers reserve their “getaways” online and the company takes care of the details from start to finish, providing guests a turnkey experience to restore balance to their busy lives. The company boasts a strong social media presence and loyal customer base, with broad appeal across geographies and demographics. Getaway rentals are currently located outside of Boston and New York City and, with the support of L Catterton, additional markets later this year.
“We are very excited to partner with L Catterton, who we believe can help us rapidly expand Getaway across the country,” said Jon Staff, co-founder and CEO of Getaway. “People struggle to find work-life balance, especially in big cities, making the Getaway experience more relevant than ever. With L Catterton’s help, we will build our unique brand and customer experience, extending Getaway’s reach to overworked and overconnected people everywhere. L Catterton has experience building some exceptional brands, and we are excited to partner with their team.”
“Getaway is situated squarely at the intersection of multiple compelling consumer trends – the growth of the millennial consumer, the pursuit of improved work-life balance and general wellness, the desire for unique experiences, and access to nature as an anecdote for urban lifestyles and 24/7 connectedness,” said Chris Casgar, Managing Director at L Catterton. “In Getaway, we saw an attractive opportunity to invest in a first mover, branded concept that addresses consumers’ evolving lifestyle and vacation habits. We believe Getaway has massive growth potential and look forward to working with their dynamic team to help this differentiated brand expand and thrive.”
L Catterton has significant experience investing in concepts focused on health and wellness such as Kopari, Peloton, Pure Barre, Core Power Yoga, Zarbee’s and Snap Kitchen and digital/mobile-first concepts such as Artsy and Vroom.
In the summer of 2015, friends Jon Staff and Pete Davis launched Getaway, a “tiny house” rental startup, in order to provide consumers an escape from their everyday, plugged-in, chaotic lives. Getaway designs and builds beautiful “tiny houses,” places them in secluded collections deep in nature, and offers nightly rentals to people looking to unplug and seeking an escape from their hectic routines. Getaway aims to be one’s on-demand cabin in the woods, with convenient locations within short driving distances from major metropolitan areas. More information about Getaway can be found at www.getaway.house.
About L Catterton
L Catterton, formed in 2016 through the partnership of Catterton, LVMH and Groupe Arnault, is the largest consumer-focused private equity firm in the world, operating multiple funds out of seventeen offices across five continents. Since its founding in 1989, Catterton has leveraged its category insight, strategic and operating skills, and network of industry contacts to establish one of the strongest private equity investment track records in the middle market. L Catterton builds on this heritage and the strong track record of LVMH and Groupe Arnault’s existing European and Asian private equity and real estate operations, conducted under the L Capital and L Real Estate franchises. L Catterton invests in all major consumer segments, including: Food and Beverage, Retail and Restaurants, Beauty and Wellness, Fashion and Accessories, Consumer Products and Services, Consumer Health, and Media and Marketing Services, as well as real estate projects anchored by luxury retail. L Catterton’s investments include: Restoration Hardware, Peloton, CorePower Yoga, Sweaty Betty, PIRCH, Outback Steakhouse, Plum Organics, CHOPT Creative Salad Company, Mendocino Farms, Noodles & Company, PIADA, Hopdoddy, Vroom, Snap Kitchen, Frederic Fekkai, Build-A-Bear Workshop, Wellness pet food, Nature’s Variety pet food, Kettle Foods, Odwalla, P.F. Chang’s, Ba&sh, Sandro & Maje, CellularLine, Vicini / Zanotti, Cigierre, Gant, Nutrition and Sante, Pepe Jeans & Hackett, 2XU, Charles & Keith, Marubi, Bateel, Sasseur, Emperor Watch and Jewelry, Miami Design District and G6 in Ginza – Tokyo, to name a few. More information about L Catterton can be found at www.lcatterton.com.