Mint House, a technology-enabled hospitality company for business travelers, announced it raised $15 million in Series A funding led by Revolution Ventures. Former Starwood Hotels CEO Thomas Mangas, former Travelocity CEO Carl Sparks, former St. Regis Hotels president Kerry Hatch, and JBG Smith EVP Rob Stewart also joined this round along with NextView Ventures, Nelstone Ventures, and Ingleside Investors.
With this funding round, Mint House is going to continue developing its technology, open in new buildings around the country, and increase the staff for future growth. And the company announced that Philippe Bourguignon — Vice Chairman of Revolution Places, former CEO of Club Med and Euro Disney, and former president of Accor Hotels, Asia Pacific — is joining the board.
What does Mint House do? It offers business travelers apartment-style accommodations with a similar environment as top tier hotels.
Business travelers are considered the most lucrative segment of the travel market and they are particularly inclined to appreciate the tech-forward approach Mint House has in place. This has been proven true in markets where growing tech communities are aggressively hiring young travelers, but there is a lack of innovative accommodation options.
“We understand that we have two customers – the multifamily developers and the business traveler – and by prioritizing both we’ve been able to secure A+ properties and deliver a top-rated guest experience. We have also formed a team of investors and advisors that are perfectly suited to help us differentiate ourselves in this lucrative market. With expertise and relationships in growing cities, as well as how to build world-renowned hospitality brands and services, we are confident that we can continue to build and expand alongside landlords and hospitality partners,” said Mint House founder and CEO Will Lucas in a statement.
Mint House’s mobile app enables guests to check-in, access a suite of services and amenities, and communicate with customer service through in-app messaging. Currently, Mint House offers 400 high-end residential units (200 in operation, 200 scheduled to open by summer 2019). Plus the company also has more than 250 additional units under contract. On Booking.com and Expedia, Mint House is rated as a top accommodation in Nashville.
“Mint House has done the best job executing of any company in the space in its relatively short-existence and has built a world-class team. They are clearly looking towards the future with their focus on secondary cities where growing economies are destined to bring about an increase in savvy business travelers,” added Mangas.
How does Mint House distinguish itself from rivals? It is partnered with multifamily developers and owners who typically lease between 20 and 200 units in any one building and offers an amenity-rich platform for all building residents rather than just Mint House guests. These offerings offer extra building amenities at no additional cost to developers and eliminate friction with residents in the building.
“Revolution has long been focused on investing in cities outside of traditional tech hubs. We recognize that these cities are growing, and with that comes a business traveler population that is eager for innovative, but consistent, accommodations. We expect this market to expand and look forward to partnering with Mint House to leverage Revolution’s rising city expertise to help them further succeed,” explained Revolution Ventures co-founder and managing partner Tige Savage.