Domio, a NYC-based technology apartment hotel company, raised $12m in Series A funding.
The round was led by Tribeca Venture Partners, with participation from SoftBank Capital NY and Loric Ventures.
The company intends to use the funds to accelerate the development of its technology platform and scale its apart-hotel brand globally.
Led by CEO Jay Roberts, Domio is a travel technology platform scaling a branded apartment-hotel concept. More than 80,000 guests have booked a Domio property across Austin, Nashville, San Diego, Boston, New Orleans, and Honolulu to date.
The company operates its apart-hotel accommodations from end-to-end, this meaning that all current and future properties are branded and designed similarly to offer a higher standard stay across locations.
Domio, which plans to triple its presence over the next 12 months, announced a $50M joint venture with Upper 90 in September to exclusively fund the leasing and operating of as many as 25 apartment-style hotels for group travelers. The first apart-hotel property — Domio Baronne ST. — is slated to open in New Orleans on December 1st 2018.
The properties provides group travelers with spacious accommodations, which cost 25 % less, on average, than similarly-sized hotels.
The average booking is for five guests and a median sized unit offers three bedrooms and 1,500 square feet.