Lyric, a startup that designs, installs and operates flexible accommodations for travelers, raised $160 million in venture funding.
In a press release Tuesday (April 17), Lyric said the Series B round of funding was led by Airbnb and included new investors Tishman Speyer, RXR Realty, Obvious Ventures, SineWave, Dick Costolo and Adam Bain. The round also includes participation from existing investors Barry Sternlicht, NEA, SignalFire, FifthWall and Tusk Ventures, along with new debt financing. The company has raised a total of $185 million, it said in the release.
“We’re incredibly excited to have Airbnb, the company that reinvented how we travel, along with renowned real estate partners and elite investors believing in us at Lyric to create a new category of accommodations for the modern traveler,” said Lyric Co-Founder and CEO Andrew Kitchell. “When people search for beautiful spaces or experiences, what they’re really looking for is a connection to a local community. From the music and artwork we hand-select, to the wallpaper we curate, our job is to be a storyteller for that community or building, and to help guests feel like they are a part of it.”
Lyric said the financing will let it expand its operations and continue to invest in its technology and data platform. It will also use proceeds to partner with real estate developers to create the next generation of multi-family buildings. The company's suites cater to professionals who want short-term and long-term stays from as short as one night to more than 200 nights. The company partners with local businesses to create rooms that have a deep connection to the community but also serve as a workspace and offer amenities available in high-end hotels.
“At Airbnb, we have seen how hospitality entrepreneurs like the team at Lyric can help deliver amazing experiences and help guests feel like they can belong anywhere in the world,” Airbnb President of Homes Greg Greeley said in the press release. “Lyric has combined the latest technology, strong partnerships with the real estate community and cutting-edge design, and we are excited to support their work.” Lyric has partnerships with 20 of the leading 50 multi-family owners, managers and developers around the country.