Upscale apartment-hotel provider Domio has secured $100 million in Series B funding.
The investment, which closed in August 2019, is evenly divided by equity and debt.
GGV
Capital led the equity round, with participation from Eldridge Industries, 3L Capital, Cain International, Tribeca Venture Partners, Softbank NY, and Tenaya Capital.
Upper90, which led the debt portion, also participated in the equity round.
Jay
Roberts, CEO and co-founder of Domio, says the company is “thrilled to partner with GGV Capital and grow our already successful relationship with Upper90 to become the most delightful hospitality brand in the world."
“Our business model is
unique: to give guests more space at a fraction of the price than traditional hotels and with the consistency they don't usually get from homesharing,” says Roberts.
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He adds: “Domio is changing the way people travel with uncompromised service and the most attractive rates.”
Domio, which launched in 2016, previously raised $67 million in funding.
The New York, U.S.-based startup operates spacious tech-infused apartment-hotels within trendy neighborhoods in 12 domestic markets.
Each living space includes amenities and services
that are aimed to appeal to millennials and group travelers.
With the new funding, Domio plans to expand operations beyond the United States and to recruit new talent.
Says Hans Tung, managing partner at GGV Capital: “Domio has already
seen incredible growth and we are excited about the company’s opportunity to scale to new markets.”
This wasn't the only major funding round in private accommodation this year. In 2019, Vacasa secured a $319 million investment, Sonder closed a $210 million investment, and Lyric raised a
$160 million investment.