£3 million investment in travel technology business Travelnest to support the creation of new jobs and allow the company to target new markets.
Investment in Travelnest supports the Bank's mission to invest in innovation and industries of the future and supports key elements of the Scottish Technology Ecosytem Review.
The creation of high value jobs by entities such as Travelnest stengthens the Scottish tech industry, enabling Scotland to compete on a global stage.
The Bank's investment also supports the growth of the tech capital sector in Scotland, an important element in the growth of a tech ecosystem.
In addition to supporting the further growth of Travelnest, the Bank will work with the Travelnest management team to support the development of a technology apprenticeship programme, helping remove the barriers to careers in technology faced by many young people.
Travelnest provides the infrastructure for holiday home owners to list and manage their properties on multiple channels from one portal. The business currently operates across Europe and is now scaling up internationally.
Travelnest are supportive of plans to introduce licencing for holiday rental properties, ensuring that high standards are maintained and that holiday rentals can co-exist with local communities.
“The Bank is delighted to be providing growth capital to a technology business based in Edinburgh with global ambitions and scalability.”Mark Munro
Executive Director - Sustainable Investment, Scottish National Investment Bank
30 FTE initially, with workforce projected to grow to over 200 by 2025
Mark Munro, Executive Director, Sustainable Investment at Scottish National Investment Bank said:
“The investment substantiates Edinburgh and Scotland as one of the UK’s fastest growing tech hubs and an incubator for technology businesses, aligning with the Bank’s innovation mission and supports key elements of the Scottish Technology and Ecosystem Review as well as the National Strategy for Economic Transformation initiatives by supporting an entrepreneurial-oriented technology business and the creation of skilled roles.”
Doug Stephenson, Founder at CEO at Travelnest said:
''I am delighted that the Scottish National Investment Bank is supporting Travelnest as we further scale the business. Travelnest is uniquely placed to take advantage of macro changes in travel trends and accommodation preferences that we’re seeing post the pandemic. We have ambitious plans for market expansion, to consolidate and expand our presence internationally. Alongside this, we’ll be focusing on the development of our core product. I am excited to put these plans into action and for Travelnest to play a key role in the recovery and bounce-back of the travel and tourism industry.''
Alignment to the United Nation's Sustainable Development Goals
All of the investments the Bank makes support the UN's Sustainable Development Goals. This investment supports the goals below:
Decent Work and Economic Growth
Creation of high quality technology jobs in Scotland
Industry, Innovation & Infrastructure
Supports development of Scottish tech ecosystem
Sustainable Cities and Communities
Engaging with local communities to support sustainable tourism