- Austin, Texas-based The Guild announced it has raised $25 million in a Series B round of funding
Austin, Texas-based hospitality startup The Guild announced it has raised $25 million in a Series B round of funding, according to Statesman. This round of funding was from Maveron, Convivialite Ventures, ATX Venture Partners, RXR Realty, Corigin, and Nicol Investment Group.
Launched in 2016 by Brian Carrico and Chris Herndon, The Guild works with hotels and office developers to set up full floors into hotel suites. Then the company offers these apartment-style spaces to people who work on the road.
The Guild’s pointed out that its lodging model works well for project-based corporate travel where employees are able to make weekly trips to the same destination for the duration of a project over the course of multiple months. And when the suites are vacant, it can be used for leisure travelers. Currently, The Guild operates 800 units in Austin, Cincinnati, Dallas, Denver, Miami, and Nashville.
“As recovering road warriors who used to stay in chain hotels over 50 nights per year, we’ve experienced firsthand how business travel can deplete the soul,” said Carrico and Herndon in a statement. “We started the Guild so that travelers could maintain the cherished routines of home while immersing themselves in the surrounding local community. These new funds will enable us to extend the Guild experience to a broader community of business travelers in search of a better life on the road.”
This funding round will be used for expanding The Guild’s reach. The company is planning to enter a dozen markets by 2020. And the company will also invest in technology development.
“We’ve evaluated every major player in the space and chose to partner with The Guild in a nationwide partnership,” added Ken Veltri, AMLI executive vice president of asset management. “They are committed to delivering an exceptional experience for their guests as well as our properties’ residents and staff. We are delighted to be partnering with the Guild at AMLI properties in Austin, Dallas and Denver and expect to expand the partnership into additional markets over the next two years.”