Less than a year after completing its seed round, Locale announced a new capital raise of $11 million in Series A funding.
Previous investor Amplo Ventures led the predominantly equity round, with participation from Susa Ventures, Malkin Holdings, Rogue Insight Capital and Metropolis Capital Partners.
This investment brings upscale apart-hotel brand Locale’s total funding to date to $14 million.
Locacle blurs the line between vacation rental and traditional hotels with its high-end furnished apartments.
Since launching in 2016, the Austin, Texas-based company has expanded operations into Houston, Dallas, San Francisco, Nashville and Minneapolis.
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The company says it will use the funding to invest in digital product innovation, hiring executive-level talent and expanding operations into new cities.
Says Nitesh Gandhi, founder and CEO of Locale: “This latest round of funding, together with our invaluable real estate and brand partnerships, will help Locale’s continued growth, which include a number of full-building deals currently in development that will allow travelers to experience Locale’s artfully curated approach to hospitality in a complete environment.”
Gandhi adds that this year was “an important stepping stone in achieving our ambition to create the leading modern apartment hotel brand.”
The company also says that its revenue has grown 200% year-over-year, with their customer base evenly split between business and leisure travelers.
Sheel Tyle, founder and CEO of Amplo, says that the firm decided to invest in Locale’s previous round “when we realized how thoughtful they are in building the next generation of accommodations for travelers.
“We are now increasing our commitment to Locale as it continues to redefine the short-term rental category by introducing a premium apartment hotel brand centered around quality in-room products, intentional design, local curation and most importantly, a superior hospitality-driven experience.”