Hotel Tech Firm Life House Raises $30M Series B Funding
Life House, a tech-enabled lifestyle hotel company, has closed $30 million in a Series B fundraise.
Hotel Tech Firm Life House Raises $30M Series B Funding
NEW YORK CITY – Life House, a tech-enabled lifestyle hotel company, has closed $30 million in a Series B fundraise. Travel-tech investors, Thayer Ventures, with Tiger Global, JLL Spark and Ashton Kutcher & Guy Oseary’s Sound Ventures among others led the investment round.
Several other prominent investors also participated in the round, including the former Chairman of Morgans Hotel Group, David Hamamoto and Jim Ketai, the founder of Bedrock Detroit and the owner of Detroit’s Shinola Hotel. The round also included follow-up investments from existing investors, including Global Founders Capital, Comcast Ventures and Trinity Ventures.
Luxury boutique hotel veterans founded Life House to focus on the hotel tech stack from the ground up to create a completely new operational framework with the aim of cheaper overhead costs.
It’s first hotel Life House, Little Havana has earned many design awards amongst being listed in the top 15 hotels in the US by Fodor. After a successful launch, Life House quickly became a fast-growing hotel brand and management company in North America, with over 800 rooms today and 25 hotels expected to open and operate by early next year.
Despite its scale, the company has only 30 corporate employees, not unusual for its venture-backed business model. Its platform has reportedly reduced operating costs as much as 45 percent.
The Company is planning to expand into new markets with the capital raised and launch new brands in other consumer price segments to innovate and build sustainable solutions, and to reach corporate profitability in the next 18-24 months.
“The hotel industry is broken, leaving hotel owners with painfully unprofitable hotels and travelers with expensive or suboptimal hotel experiences,” said Founder & CEO Rami Zeidan in a prepared statement. “Most of these problems are solved with software, but others are solved with sophisticated process innovation and creativity.”