Domio, the New York-based technology-powered apartment-hotel brand, announced today that it has raised $100 million in Series B funding (an even combination of equity and debt).The equity round was led by GGV Capital in August 2019, with participation from additional investors, including: Eldridge Industries, 3L Capital, Cain International, Tribeca Venture Partners, Softbank NY, Tenaya Capitaland Upper90. The lead debt investor was Upper90, a New York-based credit fund specializing in providing growth capital.
Launched three years ago in August 2016, Domio operates in 12 U.S. markets, most recently expanding its footprint into key flagship cities, including: Miami, Philadelphia and Phoenix. Domio's apartment-hotel rooms are five times larger the average size of U.S. hotel rooms, making them perfect for groups, families and business travelers, and cost about 25 percent less than traditional hotels.
"We are thrilled to partner with GGV Capital and grow our already successful relationship with Upper90 to become the most delightful hospitality brand in the world," said Jay Roberts, CEO and Co-Founder of Domio. "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 homesharing. Domio is changing the way people travel with uncompromised service and the most attractive rates."
This latest round of funding marks a major milestone for the brand who is proving to be the power-house leader in the apartment-hotel space with its unique perspective and offerings. Funds from this investment will allow Domio to continue growing its unmatched product offering in markets beyond the U.S. The funds will be used for national and international expansion as well as talent recruitment.
"Jay has built an extremely talented team to capitalize on the global shift in short-term travel and consumer demand for branded experiences. Domio has already seen incredible growth and we are excited about the company's opportunity to scale to new markets," said Hans Tung, Managing Partner at GGV Capital, who also joined the Domio board of directors as part of the transaction.
"Upper90 is excited to grow its partnership with Domio. Over the past year and a half since making our first investment we have watched the company successfully expand across the US, creating a new asset class in the share economy space," said Billy Libby, Managing Partner at Upper90. "The unique mix of talent that Jay has brought together gives Domio the ability to underwrite real estate, manage properties at scale and develop a differentiated brand for group travel."
Domio properties are located in trendy and prime downtown neighborhoods, configured as studios or multi-bedrooms, and offer amenities and services designed to appeal to the next generation of travelers. From keyless entry to fully stocked kitchens, guests can enjoy complimentary WiFi internet and 24/7 concierge and customer relations via text. Interiors offer a shoppable experience with custom-designed wallpaper, vibrant artworks, best-in-class towels, linens, bedding and furniture conceived by the in-house design team, who also create Domio's branded swag, art and vibe.
About DomioDomio is elevating the way people travel with a curated end-to-end experience. Our upscale apartment-hotels provide plenty of space for groups at an affordable price. Driven by technology and data, our mission is to connect the world through travel and craft the most delightful stays for all of our guests. To book or for more information on Domio, visit staydomio.com, or follow the brand on Instagram (@Domio), Facebook (@staydomio) and Twitter (@staydomio).
About GGV GGV Capital is a global venture capital firm that invests in local founders. As a multi-stage, sector-focused firm, GGV focuses on seed-to-growth stage investments across Consumer/New Retail, Social/Digital & Internet, Enterprise/Cloud and Smart Tech sectors. The firm was founded in 2000 and manages $6.2 billion in capital across 13 funds. Past and present portfolio companies include Affirm, Airbnb, Alibaba, Bitsight, ByteDance (Toutiao), Ctrip, Didi Chuxing, Grab, Gladly, Hello Chuxing, HashiCorp, Houzz, Keep, LingoChamp, Namely, Niu, Nozomi Networks, Opendoor, Peloton, Poshmark, Slack, Square, StockX, Udaan, Wish, Xauto, Xiaohongshu, YY, Zhaoyou and more.The firm has offices in Silicon Valley, San Francisco, Singapore, Shanghai and Bejing. Learn more at ggvc.com and @GGVCapital.
About Upper90Upper90 is a leading provider of non-dilutive growth capital to innovative companies that can demonstrate predictable future revenue or other forms of collateral. The firm focuses on Seed to Series B stage companies providing them with their first credit facility often as an alternative to equity. Launched in 2018, Upper90 has originated over $500m to Clearbanc, Domio, Thras.io, Octane Lending, Crusoe Energy, Kafene, ComFreight, Braavo and other industry-defining businesses. Upper90 has offices in New York and Los Angeles. For more information visit Upper90.io.
