US-based short-term accommodation operator Domio has received $12m in a series A round backed by SoftBank Capital NY, a venture capital fund operated by telecommunications group SoftBank, TechCrunch has reported.
Venture capital firm Tribeca Venture Partners led the round, which also featured seed fund Loric Ventures.
Founded in 2016, Domio markets properties for short-term rental through its online platform, focusing on ‘apartment hotels’ that combine the space of a multi-bedroom apartment with hotel-style amenities. It operates properties on a lease from the developer, a model allowing it to furnish and brand the units in its own style.
Domio teamed up with private equity fund Upper 90 last month to start a $50m joint venture aimed at leasing and operating up to 25 properties for customers travelling in groups. Upper 90 has put up 90% of the venture’s capital and Domio 10%, according to Bloomberg.
The company had received $4m of equity funding and $1m of convertible debt as of a January 2018 seed round featuring unnamed investors, according to Skift.