TravelRent.com says it has become the first social online booking service in the Russian market for short-term private accommodation. The company announced its launch last week.

Fast Lane Ventures, the leading developer of Russian internet companies, is acting as an investment and operational partner of TravelRent.com.

The site allows users to find, book and pay for their vacation or business trip accommodation on a single website. The objective to create the largest Russian speaking online community of property owners leasing for short-term.

TravelRent will be available in several languages and compatible with several currencies. By the end of 2012 the company aims to expand the active database of offers to 45,000 objects in Russia, CIS and around the world as well as increase the number of partner websites to 500 and have at least 5 million registered users by 2015.

Placement of objects is free for property owners. While booking accommodation online, the lessees pay the booking cost and 10 percent commission in return for a service and a guarantee of payment in cases specified in TravelRent’s terms.

Acceptance

Marina Treshchova, CEO of Fast Lane Ventures, highlighted that the perceptiveness of the business model adapted by TravelRent.com has already been proven abroad.

“The leader of the segment - American Airbnb - has already risen more than $110 mln of external investments. We sought to find a mutually beneficial solution and include this company in our business portfolio,” said Treshchova.