Life House is a boutique hotel operator that has developed technologies to support independent hotel owners and operators, to expand.
life house 60m inovia capital azevedotechcrunch
Life House raises a $60 million investment round co-led by new investors Kayak and Inovia Capital. Tiger Global, Derive Ventures, Thayer Ventures, JLL, Trinity Ventures, Sound Ventures, and Cooley LLP, among others, were already investors in the company.
They also took part in the fundraising, bringing the total amount raised by the business since its founding in 2017 to slightly over $100 million.
After over a decade of working in several hotel-related fields, Rami Zeidan founded Life House. The company, which has its headquarters in New York, began as an operator and hotel brand for independent hotels with the slogan “the finest operator.”
Prior to transforming into a combination of software suppliers, hotel managers, and boutique hotel brands, its objective was to address “the flawed and complex hotel operational paradigm.”
In addition to the capital increase, the company says that its software is “complete and mature enough” to be sold directly to international hoteliers and operators that wish to take control of the on-site management of hotels.
Life House, a hotel operator with a focus on technology, is now a 70-person SaaS company as a result of the transition.
house series kayak inovia capital azevedotechcrunch
Life house has been fairly effective, according to CEO Zeidan. “In the past four years, they have barely spent a little bit over $20 million. They are enthusiastic about the increased potential for a product now that they have three times that.
One of its principal investors is Kayak, one of the largest travel websites in the world, which makes it noteworthy.
According to CEO Steve Hafner, using Life House as its operational and software partner, his company hopes to “reimagine the hotel experience.”
The expansion of Kayak’s hotel projects will be accelerated by their funding, according to Hafner. They both share the conviction that enhanced technology can help independent hotels run more efficiently and profitably.
They also have a fantastic team and prestigious VC co-investors. Agile software development is being combined with hands-on operations by Rami and his team, which is a fantastic combo.
About the Life House
The goal of Life House, a vertically integrated platform for hotel software and operations, is to boost independent hoteliers’ profitability and dependability.
Life House, a 2017-born firm with institutional venture and private equity investors, is the only vertically integrated, asset-light hotel company.
The business is making large investments in operational systems to enhance the visitor experience while significantly increasing profitability, predictability, and ease of ownership. Currently, the company’s portfolio of hotels in North America numbers close to 60.
In North America, Life House now oversees the operations of around 50 hotels. In January 2020, the company raised $30 million in Series B funding, with about 50% of its portfolio consisting of branded hotels.
Currently, 85% of its portfolio is made up of hotels operated by other parties who have signed white-label agreements to utilize its software instead of Life House.
Zeidan said, “Now they’re starting to sell their SaaS goods to independent hotels that they don’t operate. Zeidan claims that the company’s software has “consistently” increased net sales and profitability of its hotels by more than 45% and more than 200% over the years.
Since the COVID-19 pandemic started, Life House has increased in size by about 600%. Simply put, the company’s goal is to act as a one-stop shop, making it simple for anyone to own, build, and run any hotel of any size or design while doing so “maximally profitably.”
Owners can benefit from its assistance with branding and design as well as general operations, financial reporting and accounting, revenue management, and dynamic pricing.
According to Zeidan, “Hotels today are difficult to run and are essentially held by people or businesses as investment properties.” Therefore, the primary objective is to increase the financial asset of real estate’s profitability and worth.
With the platform we’re constructing, their approach to tackling this problem is really profit-centric, so everything they offer to hotels immediately contributes to an increase in profitability.
The CEO considers Life House’s usage of its own software to be a significant benefit. However, they have a really quick feedback loop, which enables us to innovate very quickly. They are also quite knowledgeable about hotels and visitors.
The majority of the additional funding will be used to expand the company’s sales department and hire more software developers, product managers, and engineers.
While boutique and lifestyle independent hotels are more popular with travelers than commoditized brand hotels, according to Inovia’s Pranit Tukrel, these hotels frequently struggle to compete with larger rivals in terms of pricing, lead generation, and cost control due to their lack of tech adoption.
Nearly 60 hotels
Search For Similar Results –
house 60m kayak inovia capital azevedotechcrunch | 60m series kayak inovia capital azevedotechcrunch | life house series kayak capital azevedotechcrunch | life house 60m inovia capital azevedotechcrunch