Today's News |
Vancouver-based Vacation Rental Platform for Chinese Vacationers Cozystay Closes $5.2 Million Seed Financing
Friday, July 27, 2018
Vancouver, BC, July 27, 2018--(T-Net)--Cozystay Holdings Inc. (Cozystay™) announced today a partnership with Singapore-based Share Everything Lab Pte. Ltd. (SEL) to bring blockchain technology to the vacation-rental sharing economy.
SEL is developing a protocol that will decentralize and revolutionize the sharing economy industry, according to the company.
Cozystay, a vacation rental platform that has been operating since 2015, will be the first adopter of SEL's blockchain-based trust protocols, which will solve critical problems that have plagued the vacation-rental sharing economy so far.
Cozystay now has 60,000 users, 200,000 listings worldwide and offices in Vancouver, Canada and Beijing, China.
Cozystay also anounced that it has completed a $5.2 million ($4M USD) seed funding round.
Cozystay is the first vacation rental platform targeting Chinese vacationers that is headquartered outside of China. Today China leads the world in global departures, having surpassed the USA and Germany.
Cozystay has established several relationships in the vacation rental and blockchain space, including companies such as:
The global vacation rental industry commands a market size of nearly US$130 billion as of 2017, accounting for 18.1% of the global vacation lodging market share. The industry continues to grow exponentially; however, persistent problems remain for hosts and guests alike.
SEL's protocols intend to resolve the following four major pain points:
The blockchain can provide the foundation of a genuine peer-to-peer sharing economy by providing a trusted transaction platform with no intermediaries. Using blockchain technology to run a sharing-economy ecosystem means no central authority is needed.
"The success of our growth will come through proper technology and strategic partnerships to slowly evolve from an accommodation-sharing platform to a global sharing-economy website." said Share Everything Lab.
Cozystay is to provide the technical services to SEL in order to develop the SHR Platform and SHR Tokens. Cozystay will grant a license to SEL for the use of the IPR generated by Cozystay under the Technical Services Agreement; thus, allowing SEL to issue SHR Tokens and operate and run the SHR Platform.
About Cozystay Holdings Inc:
Cozystay Holdings Inc. is a vacation rental platform targeting global Chinese vacationers. Incorporated in January, 2015, the company is headquartered in Vancouver, B.C., with a sales and technical office in Beijing, China. Cozystay runs a subsidiary property management company, Cozy Living Suites Inc., that manages vacation rental properties in Vancouver, Seattle, Los Angeles and Toronto. Website: www.cozystay.com
About Share Everything Lab Pte. Ltd:
Share Everything Lab Pte. Ltd. (SEL) is a company incorporated in Singapore that will facilitate all token sales and the Token Generation Event (TGE). Cozystay will be providing the technical services to SEL in connection with the development, integration and issuance of SHR Tokens and development and maintenance of the SHR Platform. Website: https://shreverything.com