- New York-based technology-powered apartment-hotel company Domio announced it raised $100 million in Series B funding (combination of equity and debt)
Domio, a New York-based technology-powered apartment-hotel company, announced it has raised $100 million in Series B funding (an even combination of equity and debt). The equity round was led by GGV Capital in August 2019 with participation from Eldridge Industries, 3L Capital, Cain International, Tribeca Venture Partners, Softbank NY, Tenaya Capital, and Upper90. Upper90 was the lead debt investor.
Founded three years ago, Domio operates in 12 U.S. markets. And Domio’s apartment-hotel rooms are five times larger the average size of U.S. hotel rooms thus making them perfect for groups, families, and business travelers. Plus these rooms cost about 25% less than traditional hotels.
“We are thrilled to partner with GGV Capital and grow our already successful relationship with Upper90 to become the most delightful hospitality brand in the world,” said Domio co-founder and CEO Jay Roberts. “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. Domio is changing the way people travel with uncompromised service and the most attractive rates.”
This funding round marks a major milestone for the brand, which is proving to be the powerhouse leader in the apartment-hotel space. And the funds from this investment are going to allow Domio to continue growing its unmatched product offering in markets beyond the U.S. Plus the funds will be used for national and international expansion as well as talent recruitment.
“Jay has built an extremely talented team to capitalize on the global shift in short-term travel and consumer demand for branded experiences. Domio has already seen incredible growth and we are excited about the company’s opportunity to scale to new markets,” added GGV Capital managing partner Hans Tung, Managing Partner at GGV Capital — who also joined the Domio board of directors in conjunction with the funding.
Domio’s properties are located in trendy and prime downtown neighborhoods. And the properties are configured as studios or multi-bedrooms, and offer amenities and services designed to appeal to the next generation of travelers. The amenities include keyless entry and fully stocked kitchens. Plus guests can enjoy complimentary WiFi internet and 24/7 concierge and customer relations via text. Interiors offer a shoppable experience with custom-designed wallpaper, vibrant artworks, best-in-class towels, linens, bedding and furniture conceived by the in-house design team — who also create Domio’s branded swag, art and vibe.
“Upper90 is excited to grow its partnership with Domio. Over the past year and a half since making our first investment we have watched the company successfully expand across the US, creating a new asset class in the share economy space,” explained Upper90 managing partner Billy Libby. “The unique mix of talent that Jay has brought together gives Domio the ability to underwrite real estate, manage properties at scale and develop a differentiated brand for group travel.”
