Life House raises $10 million in VC funds.
Hotel startup Life House raised $10 million across two venture financing rounds.
Global Founders Capital led the company’s Series A, which closed in February, joined by Comcast Ventures and Trinity Ventures.
The company, incorporated as Local. House International Inc also raised $30 million in a mix of debt and equity funding led by Henley Investments, a real estate private equity firm. This funding will go toward developing hotel properties. Rather than acquire properties itself, the company will work through real estate partners such as Henley, a spokeswoman said.
Life House wants to shake up the hotel and hostel space by operating and developing hostels for millennial travellers. Travellers will be able to book private rooms or bunk beds in shared rooms. the company also plans ot offer a social network fo guests to meet online head of their trips.
The first Life House-operated hotels will open in Miami in the fall, where a spokeswoman said a bunk bed will be available fo prices ranging from $30 to $50 a night. The company will also open a property in Brooklyn in early 2019, and it plans to operate and develop properties in 20 locations in the next two years.
9h May 2018 | Original Article by Cat Zakrzewski | WSJ (USA).