New York-based Domio, the firm which designs and then rents out apart-hotels with kitchens and other full-home experiences has announced snagging $100 million in the form of equity and debt. This round was closed in August only and was led by GGV. The investment round saw participation from big names like Eldridge Industries, 3L Capital, Tribeca Venture Partners, SoftBank NY, Tenaya Capital, and Upper90.
In its Series A financing which the firm closed in October last year, Domio got $12 million from Tribeca Venture Partners. The current addition of funds takes the total amount raised by the firm to $166 million. The firm has not disclosed its valuation post this financing.
Domio was started by Adrian Lam and Jay Roberts to challenge the big player Airbnb. Through its curated end-to-end guest experience, driven by technology, data, and human connections, the firm wants the travel experience to be interesting and delightful. The firm now has its presence in 12 US cities which include Miami, Los Angeles, Philadelphia, and Phoenix. The fresh capital infusion will help them expand their reach in the country.tru
GGV’s managing partner Hans Tung commenting on the firm and their investment said, “Airbnb has taught us that hotels are not the only place to stay. Domio is capitalizing on the global shift in short-term travel and the consumer demand for branded experiences. From my travels around the world, there is a large, underserved audience — millennials, families, business teams — who prefer the combined benefits of an apartment and hotel in a single branded experience. They have the right combination of vision, speed, and agility. Domio’s model can readily tap into the global opportunity as they have the ambition to scale to new markets.”
Image Courtesy : Booking.com