Investments

Selina Raises $100 Million In Funding For Expansion

digital nomad hospitality

Selina, the hospitality startup, announced Wednesday (April 24) that it raised $100 million in a round of funding.

In a press release, Selina said the Series C round of funding was led by Access Industries and included participation from Grupo Wiese as well as existing investors Colony Latam Partners. Selina said the company has raised $225 million in total funding and the latest round positions it to be the next billion dollar hospitality startup. Selina, which launched in 2015, operates 46 locations in 13 countries with more than 22,000 beds open or being converted. The startup is aiming to have 130,000 beds and more than 400 properties by 2023. It is going after the digital nomad and remote worker categories.

“We’ll be leveraging this financing to expand our corporate platform and secure more of the most creative talent in the industry,” Selina Co-Founder and CEO Rafael Museri said in the press release. “We’ll continue to invest in our technology innovation team in Tel Aviv as we explore digitally-driven ways to disrupt the hospitality industry, enhance the complete booking and user experience for travelers, and continue rapid expansion into new markets across the globe.”

Selina said that this year it will open an additional 35 properties in the U.S., U.K., Germany, Portugal, Greece, Israel, Argentina, Brazil and Mexico. At the same time, it will expand into new European and Latin American markets and enter Asia by 2020. To support that expansion, Selina said it has secured funding commitments from regional partners who will acquire real estate and fund conversion costs at the country level for Selina. Selina to date has been able to secure more than $300 million in real estate commitments and is in advanced talks for an additional $200 million in Europe, Latine America, and the U.S.

“We believe Selina’s focus on building a global hospitality platform for digital nomads will redefine the way millennials live, work, play, learn and give back,” said Lincoln Benet of Access Industries in the same press release.

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