NEW YORK CITY—Co-working takes yet another turn—expanding to jungle, beach other travel destinations as well as urban center locations. Selina, a company which originally began in a beach town in Venao, Panama, is gaining more financial backing.
Selina offers 22,000 beds in 46 location in 13 countries. It combines private and shared rooming with co-working spaces, food and beverage retail, local experiences and wellness options including surfing, yoga classes, swimming pools and farm-to-table eating. Located in places such as Costa Rica and Ecuador, the facilities are open for corporate retreats. And for those who cannot leave their laptops at home, it takes "remote working" to another level.
Selina announced it has just raised $100 million in a Series C financing round. This brings the company's total funding to $225 million. Access Industries, with participation from Grupo Wiese and existing investors Colony Latam Partners led the latest funding round.
"We'll be leveraging this financing to expand our corporate platform and secure more of the most creative talent in the industry," says 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 travelers, and continue rapid expansion into new markets across the globe."
He also notes their take on the live-work-play concept is how millennials and Gen Z are redefining experiential hospitality and working while exploring the world.
In 2019, Selina plans to open an additional 35 properties in the US, UK, Germany, Portugal, Greece, Israel, Argentina, Brazil and Mexico. It also plans to expand to new European and Latin American markets and to enter Asia by 2020.
To date, the company 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 US.
Selina is aiming to expand to 130,000 beds and over 400 properties by 2023.
TechCrunch has reported that Selina, now with an $850 million valuation and headquartered in New York City is relocating its base to London. The news source noted that WeWork's founder Adam Neumann is also an investor in the company.
The slideshow above provides images of a few of the Selina hospitality and co-working spaces. (All photos were provided by Selina.)
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Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
