New York-based Mint House, a
startup offering home-like properties with hotel-style amenities and services,
has closed a $35 million Series B round of funding.
The round is led by Mohari Hospitality,
a global hospitality investment company focused on luxury properties in urban
and resort markets. Mohari Hospitality’s managing partner, Allen Smith – the former
president and CEO of Four Seasons Hotels & Resorts – joins Mint House’s
board of directors.
Also participating in the round
are existing Mint House investors Revolution Ventures, Allegion Ventures and
Mint House reports its revenue grew
more than 200% in 2021, and in the last two years the company has tripled its
property count, now at 22 properties in 14 markets.
Its properties each include full
kitchens and large living and work spaces along with proprietary technology
that enables mobile check-in, keyless entry, pre-stocked groceries, digital
concierge services, smart thermostats and more.
“We are penetrating a
trillion-dollar global hospitality market, transforming a traditional hotel
industry that has historically been low-tech and full of consumer frictions,”
says Will Lucas, founder and CEO of Mint House.
“Secular megatrends including
'work from anywhere' and the mixing of business and leisure travel are driving
explosive demand for flexible apartment-style accommodations in lieu of legacy
hotel rooms. There's a need for a branded premium operator to provide quality,
safety and reliability to serve this demand. Our properties are outperforming
upper-upscale hotel peers across all financial and guest metrics, and we are
the hospitality partner of choice to corporations with over 400% growth in
corporate partnerships in the past year.”
Lucas says the company will use
this funding to accelerate development of its product and market expansion.
“Mint House is a true disruptor
in the hospitality industry, redefining the boundary between hotels and
short-term rentals,” Smith says.
“The company's growth in recent
years demonstrates the demand for this new concept of modern, luxury,
tech-enabled living and the company's huge potential for future expansion. It's an exciting time for Mohari to invest in
Mint House and I look forward to joining the board of directors as Mohari
continues to expand our portfolio of best-in-class hospitality investments.”
Founded in 2017, Mint House has
raised more than $80 million to date, including a $15 million round in May 2019.