Accommodation and Co-Working Brand Selina has Raised a Further US$100m of Growth Funding
Main Photo: The Selina Cancun, Mexico – a deluxe room
Date: April 2019
Location: To date, Selina has operates 46 locations in 13 countries. This year, it will add properties in the USA, UK, Germany, Portugal, Greece, Israel, Argentina, Brazil and Mexico.
Name: Selina
No. of Keys: Over 22,000 beds open or in development. The target is to have 400 locations by 2023.
Who: Selina, one of Fast Company’s 2019 Most Innovative Companies, today announced that it has raised $100 million in a Series C financing round, bringing the company’s total funding to $225 million to date.
Led by Access Industries, with participation from Grupo Wiese and existing investors Colony Latam Partners, this funding round positions Selina as the next billion dollar hospitality startup.
Launched in 2015, Selina has rapidly expanded across the globe and currently operates 46 locations in 13 countries, with over 22,000 beds open or under conversion. Combining private and shared accommodation with co-working facilities, food and beverage offerings, wellness, retail and local experiences, the design and tech-centric brand is aiming to have 130,000 beds and over 400 properties by 2023, as it builds a foundation for the growing digital nomad and remote work categories.
“We’ll be leveraging this financing to expand our corporate platform and secure more of the most creative talent in the industry,” said Selina Co-Founder and CEO, Rafael Museri. “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 travellers, and continue rapid expansion into new markets across the globe.”
“As we’ve seen across a number of industries from co-working to ride-sharing, millennials and Gen Z are redefining how they want to live, work and explore the world,” said Museri. “The ambitious and adventurous nature of these generations prove that there is a demand for our experiential hospitality model today and for years to come.”
“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 from Access Industries.
With a record year ahead, 2019 will see Selina open an additional 35 properties in the U.S., U.K., Germany, Portugal, Greece, Israel, Argentina, Brazil and Mexico, in tandem with expansion into new European and Latin American markets and an entrance in Asia by 2020.
To fuel this aggressive growth, Selina has also secured substantial funding commitments from regional partners who will acquire real estate and fund Selina’s conversion costs at the country level. To date, Selina has secured over $300 million in real estate commitments and is in advanced negotiations for an additional $200 million in Europe, Latin America and the U.S.
Founded in 2015, each Selina property is designed in partnership with local artists, creators and taste-makers, breathing new life into existing buildings in interesting locations around the world — from urban cities to remote beaches and jungles.
THPT Comment: This must make Selina the largest global “hostel” company that has fully embraced the co-working concept in with accommodation. You name it, Selina has it. Communal rooms, suites, hammocks or camping areas for the more adventurous traveller. Suites for the more indulgent traveller.
First Seen: Globenewswire
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