London-based hospitality
brand Selina, which combines accommodations with coworking spaces, has acquired
Remote Year in an all-stock transaction. Details of the transaction’s value
have not been disclosed.
Chicago-based Remote Year,
which provides programs of from one to 12 months for customers to live and work in
cities around the world, will continue to exist as its own brand but will use Selina’s
inventory of properties that spans 19 countries on three continents.
Selina says the acquisition
is one of a number of steps it is taking “to double down on its stay, play and ‘work
from anywhere’ model.”
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Selina also recently
launched a subscription plan with three options starting at $180 per month that
allow customers to move among Selina properties and include accommodations, co-working
spaces, wellness activities, weekly laundry and discounts on food and
beverages.
Together, Selina says the two brands will create new products that fit the needs of the growing market
of remote workers.
“With
the acquisition of the Remote Year brand, and the launch of our
subscription-based packages, it's clear that our business model is one designed
for this new age of working, and is well-positioned to support not only
long-standing digital nomads but also a new generation of remote workers that
are being offered more flexible work environments by companies looking to
attract and retain talent,” says Rafael Museri, Selina co-founder and CEO.
In April 2019, Selina raised a $100 million Series C round, bringing the
company’s total funding to $225 million.
In October of last year, Remote Year raised $5 million to court digital nomads.