Selina raises $100m in Series C funding round

Paul Stevens By Paul Stevens
25 April 2019 | Updated 25 April 2019

Israel: Tel Aviv-based blended hospitality startup Selina has announced it has raised $100 million in a Series C financing round led by Access Industries.

Grupo Wiese and existing investors Colony Latam Partners also participated in the round.

Selina currently manages a network of 46 properties across Latin America and Portugal, which range from private and shared accommodation with coworking facilities to cafes, wellness, and local experiences. 

Its latest property in New York City will feature a 126-bed hotel that includes hostel-like lodging, coworking spaces, eateries, shops,  a rooftop and an art gallery.

Since its launch in 2015, Selina has raised up to $225 million in investor funding. The startup said it had also secured over $300 million from regional partners to purchase real estate and fund the conversion costs for continuing projects.

The firm's executives believe it is unorthodox in the market, as they say that most of their competitors are not suited to target all segments of the millennial traveller category, such as "digital nomads".

Selina co-founder and CEO, Rafael Museri, told Skift: "We provide an offering that's relevant to these customers who want a surprise in their experience. We tap the local artists and workshops and let them create an aesthetic. 

"The community decides what kind of wellness programming we're going to have, what kind of music, and Selina is the platform that lets them do it efficiently. We can now convert a property in about two months.

"Personally, I never consume a product because I've seen a billboard or someone pushed me through the internet. I'm not a big believer in traditional branding efforts. 

"It's Selina's offline content - and how well it helps guests socialise and work and feel fulfilled - that will drive occupancy and repeat business," he added.

Selina is planning to open a further 35 properties by the end of this year.

Three properties in Florida are scheduled to open later in 2019 and the company has signed six more deals in locations around the country.

Selina president Yoav Gery said: "We have a strong pipeline beyond that in the U.S. in particular."

Tel Aviv and Greece are among its upcoming outposts.

Access Industries investor Lincoln Benet added that Selina aims to "redefine the way millennials live, work, play, learn, and give back". 

 

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