ByHours, a Barcelona-based microstay hotel booking platform, has raised €8 million to propel growth and international expansion.
Angel Ventures and DILA Capita led the Series B equity round, with participation by previous investor Howzat Partners.
This investment brings ByHours’ total funding to €18 million.
The company allows both leisure and business travelers to book rooms for three, six or 12 hours in more than 3,000 hotels in 6,000 international locations.
Since launching in 2012, ByHours says it has has sold more than one million hotel hours, resulting in €20 million in turnover for the hotel industry.
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“We bring flexibility to a sector that until now has been very limited to its traditional rules and operations and we provide additional income to the hotel sector,” says co-founder Christian Rodriguez.
With the new funding, ByHours will consolidate its presence in Europe and Latin America, and it will initiate operations in the United States.
In 2020, the company hopes to add 2,000 new hotels, increase turnover by 150% and grow its revenue from international bookings from 52% to 75%.
Says Guillermo Gaspart, co-founder and CEO: “Our goal for 2020 is, in addition to continuing to grow in our current markets and to start operations in the United States, to be able to develop the B2B market and improve our connectivity with other players in the tourism sector."