Ayodeji Ayenuwa
The South African real estate investment company, Neighbourgood, has finalized a $1.5 million acquisition of travel tech startup Local Knowledge. This acquisition represents a significant achievement for both the Travel and Hospitality sectors.
The move strategically aligns with Neighbourgood’s vision to enhance user experiences through technology integration.
In a statement, Murray Clark, Neighbourgood’s founder, highlighted the company’s focus on technological advancements, stating, “We have been focused on building physical locations, but there was always a strategy to build technology that made the experience of living and working spaces better. The acquisition of Local Knowledge will help us accelerate that strategy.“
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This acquisition precedes the eagerly awaited Neighbourgood 2.0 launch in December, introducing “Workclubs,” an affordable co-working offering priced at R990 per month for a space accommodating 35 team members.
Clark emphasized the initiative’s aim to provide cost-effective alternatives to traditional workplaces, stating, “Ours will seek to be more affordable and also foster collaboration for tenant teams.”
Neighbourgood’s expansion plans also include the rollout of a mobile app on December 1, incorporating Local Knowledge’s technology to recommend activities and tours. This development aligns with Neighbourgood’s commitment to delivering curated, authentic experiences.
Clark sees this as a crucial moment in the industry, stating, “This acquisition represents a significant milestone in the travel and hospitality industry. It’s a meaningful step toward a future where travel is not just about destinations but about the friendships, experiences, and communities we build along the way.”
Looking ahead, Neighbourgood aims to secure funding in January to facilitate its expansion in the United States, targeting areas where it currently operates three locations.
The company’s ambitious plans extend to launching its offerings beyond Cape Town, with Clark expressing confidence in Neighbourgood and Local Knowledge leading a transformative journey.
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Techrectory with Agency Report.
