It has been claimed that new investors Inovia Capital and Kayak co-leads Life House’s $60M Series C to ‘reimagine’ the hotel experience funding round for Life House to reimagine the hotel experience. This independent hotel operator specialises in boutique properties and has created a software programme to support other independent hotel owners and operators.
Total amount that the company has raised Because of this funding
Because of this funding, the total amount that the company has raised since it was founded in 2017 is now well over one hundred million dollars. Participants in this fundraising effort include existing investors such as Tiger Global, Derive Ventures, Thayer Ventures, JLL, Trinity Ventures, Sound Ventures, and Cooley LLP. Other participants include Trinity Ventures, Sound Ventures, and Cooley LLP.
Rami Zeidan, who had more than a decade of experience working in the hotel industry, established Life House. Based in New York, the company started as a hotel brand and operator for independent hotels. It developed its software to work toward its goal of becoming “the finest operator.” It began as a technological service provider to improve what it called “the broken and complex hotel operational paradigm,” but it has subsequently transformed into a boutique hotel management firm.
In addition to the fundraising round, the firm announced today that its software is now “full and smart enough” to be offered directly to hoteliers and operators worldwide who want to take control of hotel operations. Due to the shift, Life House is no longer a tech-enabled hotel operator but rather a SaaS company with seventy employees.
It is noteworthy because one of its key investors is Kayak, which is recognised as one of the most popular travel websites in the world. According to Steve Hafner, the company’s Chief Executive Officer, they plan to “reimagine the hotel experience” with the assistance of their software and operational partner, Life House.
The creation of new products and the expansion of Kayak’s accommodation initiatives will be accelerated due to their investment. They have a robust staff and top-tier venture capitalists as co-investors, and they all believe that technology can assist independently-owned hotels in becoming more profitable. The fact that Rami and his team combine agile software development with hands-on operations is very impressive.
At the time, the management of approximately fifty hotels across North America was being handled by Life House. When the start-up company raised $30 million in a Series B funding round in January 2020, branded hotels made up around half of the company’s portfolio. Approximately 85 per cent of its portfolio comprises hotels that do not belong to the Life House brand but instead use its software as part of a white-label agreement.
Because of the widespread COVID-19 pandemic, the Life House organisation has grown by more than 600%. The goal of the organisation is to make the ownership, construction, and operation of hotels of varied sizes and styles “maximum profitable.” It assists proprietors in revenue administration, dynamic pricing, accounting and financial reporting, business operations, visual identity, and branding.
Modern hotels are incredibly labour-intensive to run and are typically held as an investment by individuals or corporations. Therefore, the primary objective is to make the real estate investment worthwhile. By designing the platform they are constructing with profitability at the forefront, they hope to ensure that everything they offer to hotels contributes to an increase in the bottom line.
Although Kayak co-leads Life House’s $60M Series C to ‘reimagine’ the hotel experience hopes to eventually expand beyond the small hotel sector, for the time being, the company is concentrating its efforts there since it believes the owners of these properties are particularly neglected. However, this sector accounts for over half of the market.