Mint House secures $18m in investment

Paul Stevens Paul Stevens Uploaded 29 March 2021

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US: New York-based tech-enabled hotel company Mint House, which provides apartment-style accommodations in downtown areas for high-end business travellers, has secured $18 million in a new round of investment.

Participating in the round was Allegion Ventures, a $50 million corporate venture fund of Allegion.

Allegion Ventures also invested in real estate technology startup Kasa Living’s funding round back in October, which included $30 million in new Series B funding led by Ribbit Capital and $20 million in Series A funding led by FirstMark Capital, in order to provide flexible stay accommodations across the United States.

The investment will be put towards improving guest experiences through secure touchless technology and contactless check-in and scaling operations, as well as providing innovative solutions forests in the wake of the global health crisis.

The fund’s president, Rob Martens, said: “The Allegion Ventures investment thesis – to make security and access smarter, stronger, faster and less intrusive – is aligned with the experiences both Mint House and Kasa create for their business and leisure travellers.

“As the need for what we call ‘seamless access’ has been amplified by the Covid-19 pandemic, there are opportunities across not just the hospitality market, but also commercial and institutional real estate, to innovate and delight customers, while also helping them safeguard their health through smart technologies,” he added.

Will Lucas, CEO and founder of Mint House, said: “It’s always been our mission to fundamentally improve the lives of road warriors who are tired of the legacy, box-like hotel, whether they were staying for two nights, two weeks or two months. Over the course of the pandemic, Mint House’s model has proven to be ahead of its time as our tech-driven concept offers a safe, reliable option that corporate travel managers feel confident in booking for their employees.

“We are honoured to have Allegion Ventures on our side as we continue to grow, expand and innovate in the short-term rental space,” he added.

Allegion Ventures has also previously invested in workplace analytics platform VergeSense, workplace management software Robin, and cloud-based access control solution Openpath, all with the intention of providing technology to return to the office safely and provide frictionless experiences to those working remotely or from home.

Martens said: “For businesses and communities to open up and regain a sense of normalcy, travellers as well as property owners, tenants, employees, visitors and others need flexible and adaptable solutions. Seamless and convenient experiences through touchless technologies matter now more than ever.

“At Allegion Ventures, we’re excited to be investing in and partnering with innovators who are making a difference and adding value in the new normal,” he added.

Mint House properties are designed to offer a unique experience that combines the feel of a luxury hotel with the comforts and conveniences of one’s own home – all packaged and delivered via technology. It operates more than 500 units across the United States, in cities including Denver, Nashville, Miami, Minneapolis and New York.

The company acquired the sole remaining location belonging to apartment-style accommodation provider Lyric, which pivoted away from leasing buildings, at 70 Pine Street in New York back in November. It was Mint House’s first location in the city in which it is based.

In May 2019, Mint House raised $15 million in a financing round led by Revolution Ventures, with participation from other investors and hotel industry veterans. The company is reported to have raised more than $33 million in funding to date, which includes a previous investment of more than $18 million in January 2020, according to Crunchbase.

Lucas appeared on the Boutique Hotel News Trendsetters 2021 webinar, in which news editor Eloise Hanson highlighted six travel trends expected to shape the industry. Watch the recording here

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