Danish apartment manager Novasol has agreed to take over the former Rocket Internet start-up Wimdu for an undisclosed amount. Novasol is one of the largest European vacation property managers with 44,000 units and is part of the publicly-traded US travel company Wyndham Worldwide, which also owns the brands Ramada and Tryp.
That means that than two months after Wimdu's merger with 9Flats, the two vacation rental platforms maybe again go their separate ways, according to Manager Magazin, the German publication that broke this story.
The two Airbnb clones who were failing to compete with the original announced their merger in early October. Between them, they offer 500,000 vacation rental listings, just one sixth of the market leader's inventory. Airbnb has raised $3 billion in venture capital and a $1 billion loan. The two German challengers have raised only a combined €100 million.
The Wimdu is said to have accumulated a loss of €60 million to date, and Rocket Internet had made dramatic cutbacks last summer.
The merger with 9Flats was to save Wimdu from shutting down. According to 9Flats boss Romanbach, the two companies together would generate turnover of €100 million. Immediately after the merger, investors familiar with the situation had indicated that a sale of both portals would be announced, Manager Magazin reported.
The now simpler ownership structure made it possible to sell Wimdu faster and more easily, they said. Wimdu belonged exclusively to 9Flats Singapore, which is owned by just two partners: Stephan Uhrbacher (Quipe, Flio) and Roman Bach.
Although 9Flats GmbH is also grouped under the umbrella of 9Flats Singapore, it still has other shareholders, such as Redpoint Ventures and eVentures. With its sale Wimdu, the previous owners Kinnevik and Rocket Internet are to come out with an amount far less than what they originally invested in Wimdu.
Read more: Manager Magazin (German)