登錄
選單
登錄
海擇短評 Haize Comment：
近期總部位於英國倫敦的CharitableBookings.com完成了自2014年創業以來的首次(天使輪)融資，公司從英仕曼集團(LON: EMG, Man Group)的前CEO Stanley Fink勛爵在內的天使投資人募集了500萬英鎊，並宣稱將用於稱加線上平台產品的深度與廣度。旅遊投資圈以慈善為主題進行募資的公司不多，CharitableBookings.com是罕見而有趣的標的之一。
此前CharitableBookings.com的商業模式本質上只是Booking.com(NASDAQ: BKNG)、Expedia(NASDAQ: EXPE)、Trip.com(NASDAQ: TCOM)的white label線上分銷平台，如果要說它有什麼護城河的話，就是CharitableBookings.com對接了全球的慈善機構，用戶每次訂房的1%交易額都會被公司捐給慈善機構。公司反覆宣傳"全球承諾(Global Pledge)"的初心，亦即為全球慈善機構籌集10 億英鎊的規劃。單憑這樣的產品與商業模式，創業10年都融不到錢倒也不奇怪。
不過，在天使投資人Stanley Fink入股CharitableBookings.com前後，公司的商業模式有了很大的改變，方向上更像是同時結合了訂閱制與高端旅遊。首先，當個人用戶直接向網站上列出的慈善機構清單捐贈50英鎊時，即可獲得1份CharitableBookings .com的PREMIUM終身會員資格；而當企業捐贈2,500 英鎊時，則能獲得60份PREMIUM終身會員資格。其次，這些終身會員資格除了能享有原有住宿訂房的批發價折扣外，現在也增添了餐廳、俱樂部、酒吧、精品店和健身場等奢華的生活體驗類產品的折扣，未來可能還會增添高端旅遊的相關產品。
瞭解上述背景後，可以回頭來看一個問題－為什麼CharitableBookings.com在創業10年後才融到第一筆天使輪資金？海擇資本認為，這句話應該反過來說，亦即，當CharitableBookings.com從Stanley Fink融到第一筆天使輪資金後，才算勉強完善了它的商業模式。不過，即便其用類似Insprato(NASDAQ: ISPO)的訂閱制強化了商業模式，盈利能力仍有所欠缺，因為傳統上訂閱制公司至少有會員費可以收取，但CharitableBookings.com既沒有定期收取的會員費，如果捐助的對象是聯合國聯合國兒童基金會(UNICEF)、世界糧食計劃署(World Food Programme, WFP)這類全球性慈善機構，估計也很難從慈善機構拿到返佣(但是一些地區性的慈善機構，比如公司表列的Vibe、Project Harar、Surf and Suicide&Co...有可能會給返佣)。
海擇資本認為，考慮到新投資人Stanley Fink本身的英國貴族背景與Man Group做為資產管理公司所積累的人脈，Man Group本身甚至還有一支慈善信託基金(Man Charitable Trust)，未來CharitableBookings.com完全可以將協助企業進行慈善捐款抵稅做為獲取高端用戶的方式；而對企業與高所得人士來說，原本慈善抵稅就是合理避稅方式，通過誰來做並不重要，如果還能得到有價值的會員權益，那就是魚與熊掌兼得。當然，這條路能走多遠，具體得看Stanley Fink能有多少能變現的人脈以及他在這家公司持有多少股份。無論如何，這還是一間很有趣，值得探索的創業公司。
-------
Recently, London-based CharitableBookings.com secured its first funding round since its founding in 2014. The company raised £5 million from angel investors, including former CEO of Man Group (LON: EMG), Lord Stanley Fink. The funds will be used to enhance the depth and breadth of their online platform. CharitableBookings.com stands out as one of the few travel investment ventures focusing on charitable themes.
Previously, CharitableBookings.com essentially operated as a white label online distribution platform for Booking.com (NASDAQ: BKNG), Expedia (NASDAQ: EXPE), and Trip.com (NASDAQ: TCOM). Its unique selling point is its partnership with global charitable organizations, donating 1% of every booking transaction to charity. The company prominently promotes its "Global Pledge" initiative, aiming to raise £1 billion for global charities. Given this business model and product, it's not surprising that it took a decade to secure funding.
However, before and after angel investor Stanley Fink's investment in CharitableBookings.com, there was a significant shift in the company's business model, now resembling a hybrid of subscription-based and luxury travel services. Initially, an individual donation of £50 to a charity listed on the website grants a lifetime PREMIUM membership to CharitableBookings.com; a corporate donation of £2,500 secures 60 such memberships. Besides the existing wholesale price discounts on accommodations, these lifetime memberships now also include discounts on luxurious lifestyle experiences such as restaurants, clubs, bars, boutiques, and gyms, with potential future additions of high-end travel products.
Understanding the background, one might ask why it took CharitableBookings.com ten years to secure its first angel investment. Haize Capital suggests that it’s more accurate to say the business model was only refined after receiving the initial funding from Stanley Fink. Despite adopting a subscription model similar to Inspirato (NASDAQ: ISPO), its profitability remains questionable. Traditional subscription businesses benefit from recurring membership fees, but CharitableBookings.com doesn’t charge regular fees. Moreover, while receiving commissions from global charities like UNICEF or the World Food Programme is unlikely, regional charities listed by the company, such as Vibe, Project Harar, and Surf and Suicide&Co, may provide commissions.
Haize Capital suggests that considering the aristocratic background of new investor Stanley Fink and the network accumulated through his association with Man Group, which even operates a charitable trust (Man Charitable Trust), CharitableBookings.com could leverage corporate charitable donations for tax deductions as a strategy to attract high-end clients. For businesses and high-income individuals, charitable tax deductions are a legitimate tax avoidance method, and the intermediary matters little. If they also receive valuable membership benefits, it's a win-win. The extent of success will depend on Fink’s monetizable connections and his stake in the company. Regardless, this is an intriguing startup worth exploring.
標籤 Label： CharitableBookings UK Investment BKNG EXPE TCOM