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Domio offers apartment hotels that are available for short term and up to five times larger than standard hotel room sizes. They are also much less expensive, and 90 percent of the company's inventory is two, three, and four-bedroom apartment hotel units
Fremont, CA: New York-based apartment hotel designing and rental startup Domio raised USD 100 million in a Series B funding round led by Upper90, with participation from Eldridge Industries, Tribeca Venture Partners, 3L Capital, Softbank NY, Upper90, and Tenaya Capital. Until this round, the company had a total raised capital of USD 17 million. The newly raised money, a combination of USD 50 million in equity and USD 50 million in debt, will be used towards the expansion of markets, targeting an underserved audience of millennial, business teams, and families. The company also wishes to expand both nationally and globally into 25 markets by 2020, with its presence established currently in 12 markets.
"Airbnb has taught us that hotels are not the only to stay," said Hans Tung, GGV Capital's managing partner. "One of the things we liked about Domio is that it is very capital efficient. The short-term nature of customer stays, and the combination of experience/price required to maintain loyal customers are natural enforcers of efficient unit economics." The company, which was founded in 2016 offers a technology platform focused on servicing apartment hotel accommodations to millennial, families, and group travelers.
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It offers apartment hotels that are available for short term and up to five times larger than standard hotel room sizes. They are also much less expensive, and 90 percent of the company's inventory is two, three, and four-bedroom apartment hotel units.
"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. GGV distinguishes the startup as a standout from Airbnb and hotels. Domio looks to capitalize on the global shift occurring within the short term travel sector in hospitality and the consumer demand for more branded experiences.
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