NEW YORK CITY – Domio, a New York-based technology-powered apartment-hotel brand, has closed a $100 million Series B funding round of equity and debt investments. GGV Capital led the equity round in August 2019. Upper90, a New York-based credit fund specializing in providing growth capital, contributed equity and was the majority debt investor.
Eldridge Industries, 3L Capital, Cain International, Tribeca Venture Partners, Softbank NY and Tenaya Capital participated in the fundraiser. Funds will enable Domio to continue growing its product offering in markets within the U.S. and internationally as well as bulk up its workforce.
Currently, Domio operates in 12 U.S. markets, most recently expanding its footprint into target flagship cities, including Miami, Philadelphia and Phoenix. Founded in August 2016, Domio's apartment-hotel rooms are five times larger than the average size of U.S. hotel rooms, ideal for groups, families and business travelers, and costs about 25 percent less than traditional hotels.
"Our business model is unique: to give guests more space at a fraction of the price than traditional hotels and with the consistency they don't usually get from home-sharing. Domio is changing the way people travel with uncompromised service and the most attractive rates," said Jay Roberts, CEO and co-founder of Domio in a prepared statement.
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
