NEW YORK, Oct. 22, 2018 /PRNewswire-PRWeb/ -- Domio, a technology hospitality company that is revolutionizing the apartment hotel, announced that it has raised $12 million in a Series A funding round led by Tribeca Venture Partners, with participation from SoftBank Capital NY and Loric Ventures. The capital will be utilized to accelerate the development of the Domio technology platform and scale its apart-hotel brand globally. The company previously raised $5M in equity and convertible debt financing from individual and angel investors within the real estate industry.
The Series A investment comes on the heels of Domio announcing a $50M joint venture with Upper 90 in September to exclusively fund the leasing and operating of as many as 25 apartment-style hotels for group travelers. The first apart-hotel property — Domio Baronne ST. — is slated to open in New Orleans on December 1st 2018. Domio properties cater to group travelers with spacious accommodations that provide those traveling with friends or family a more consistent and affordable option, which costs 25 percent less, on average, than similarly-sized hotels. The average booking on Domio is for five guests and a median sized unit offers three bedrooms and 1,500 square feet, which is five times the average hotel size in the U.S.
"We're excited to have investors such as Tribeca, SoftBank Capital NY, Loric Ventures, and Rubicon VC on board to capitalize on the multi-trillion dollar opportunity in front of us as the hospitality industry moves to asset-light management and global travelers seek alternative accommodations," said Domio CEO Jay Roberts. "The asset and operations-heavy approach of traditional hotels has made it difficult for them to meet the growing demand from travelers for larger, apartment style properties and marginalized the investment opportunity in this burgeoning market. Our proprietary technology and data models drive market and building selection, while our asset-light model enables Domio to efficiently operate apart-hotel accommodations to provide guests the experience they want while increasing the profitability of our properties."
Unlike OTA's or vacation rental companies, whose listings are made up of properties from millions of different owners, Domio operates its apart-hotel accommodations from end-to-end. This control means all current and future Domio properties are branded and designed similarly to offer a higher standard stay across locations, and provide guests the comfort of home with the quality of a hotel.
"Domio has the strongest team working on disrupting the real estate industry at its intersection point with the hospitality market," said Brian Hirsch, Managing Partner of Tribeca Venture Partners. "Their leadership team is made of seasoned executives who have spent their careers managing global real estate investment deals, redesigning the future of hotels, and optimizing the consumer experience through technology and data science. This expertise, combined with Domio's technology platform and asset-light model, makes the company extremely capital efficient while at the same helping to usher in a new era in hospitality. We're thrilled to be working with them as they continue to scale rapidly."
Domio has hosted over 70,000 guests to date across its existing properties in Austin, Nashville, San Diego, Boston, New Orleans, and Honolulu. The company's utilization of software to optimize accommodations has enabled it to grow sales 400% YoY with an occupancy rate of over 82% — close to 20% higher than the hotel average.
About Domio
Domio is a leading travel technology platform that is revolutionizing group travel by scaling it's branded apartment-hotel concept. Travelers staying at a Domio property can enjoy the comfort of a home and the confidence of a hotel. With one-click, travelers can now join more than 80,000 guests to date in booking a Domio property across 8 markets with plans to triple its footprint over the next 12 months. For more information visit https://staydomio.com.
About Tribeca Venture Partners
Tribeca Venture Partners is an early and growth stage New York based venture capital firm that partners with top entrepreneurs primarily in the NYC area leveraging emerging technologies and business models to create and disrupt huge markets. For more information visit: http://www.tribecavp.com.
SOURCE Domio
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