Joining other technology-focused hospitality companies in the lifestyle accommodations space that have attracted capital in recent months, Life House this week announced it raised $30 million in Series B funding. The investment was led by travel-tech investors Thayer Ventures, with Tiger Global, JLL Spark, and Ashton Kutcher and Guy Oseary's Sound Ventures, among others. The funding brings the company's total to $40.4 million, according to Crunchbase.
CEO Rami Zeidan founded Life House in 2018 "to fix the broken and complex hotel operational model through software innovation and through the creation of authentically local lifestyle hotel brands that scale without brand dilution."
The company offers two products, the Life House hotel brand and a white-labeled software-driven management platform that has been driving "over 30 to 40 percent increases in profitability to its owners without a re-branding or renovation," according to the company.
Life House currently offers about "800 beds" in Denver, Miami and Miami Beach. It plans to open additional locations soon, according to its website, on Ocean Drive in Miami Beach; in Bushwick, Brooklyn; and on India St. in Nantucket, Mass.
With the new investment, the company plans to "expand to new markets, launch new brands in other consumer price segments and to reach corporate profitability in the next 18 to 24 months."
Similar companies, like Sonder, Lyric and Domio, also have attracted significant funding.