NEW YORK—Selina announced this week that it has raised $100 million in a Series C financing round, bringing the company’s total funding to $225 million to date. Launched in 2015, the startup combines private and shared accommodations with coworking facilities, food and beverage offerings, wellness, retail, and local experiences.
The brand currently operates 46 locations in 13 countries—with over 22,000 beds open or under conversion—and is aiming to have 130,000 beds and over 400 properties by 2023. That includes six U.S. properties set to open later this year. The company announced late last year plans to open a flagship location in New York City.
Led by Access Industries, with participation from Grupo Wiese and existing investors Colony Latam Partners, this funding round positions Selina to build a foundation for the growing digital nomad and remote work categories.
“We’ll be leveraging this financing to expand our corporate platform and secure more of the most creative talent in the industry,” said Selina Co-Founder and CEO, Rafael Museri. “We’ll continue to invest in our technology innovation team in Tel Aviv as we explore digitally-driven ways to disrupt the hospitality industry, enhance the complete booking and user experience for travelers, and continue rapid expansion into new markets across the globe.”
“As we’ve seen across a number of industries from coworking to ridesharing, millennials and Gen Z are redefining how they want to live, work, and explore the world,” said Museri. “The ambitious and adventurous nature of these generations prove that there is a demand for our experiential hospitality model today and for years to come.”
“We believe Selina’s focus on building a global hospitality platform for digital nomads will redefine the way millennials live, work, play, learn, and give back,” said Lincoln Benet from Access Industries.
With a record year ahead, 2019 will see Selina open an additional 35 properties in the U.S., U.K., Germany, Portugal, Greece, Israel, Argentina, Brazil, and Mexico, in tandem with expansion into new European and Latin American markets and an entrance in Asia by 2020. To fuel this aggressive growth, Selina has also secured funding commitments from regional partners who will acquire real estate and fund Selina’s conversion costs at the country level. To date, Selina has secured over $300 million in real estate commitments and is in advanced negotiations for an additional $200 million in Europe, Latin America, and the United States.