AJJK, the US-based operator of short-term accommodation platform Lyric has secured $15.5m in a series A round featuring Axa Strategic Ventures, a subsidiary of insurance group Axa, the Wall Street Journal reported yesterday.
The round also featured venture capital firms Fifth Wall Ventures, NFX Guild and New Enterprise Associates, and angel investors including Barry Sternlicht. It was disclosed through a blog post by Fifth Wall principal Roelof Opperman without revealing the amount.
Formerly known as Parallel, Lyric oversees a network of standardised executive living spaces across US cities such as Houston, Dallas, Austin, Pittsburgh, Washington DC and Orlando which have been designed for use as bases in business trips.
The units have amenities comparable to those in a four-star hotel and feature fully-stocked kitchens as well as fitness and entertainment facilities. They can be rented through third-party platforms such as Airbnb for up to months at a time.
Opperman said: “Lyric delivers the optimal solution to deliver legitimacy, legality and quality to the Airbnb and broader short-term rental market and is alone in its ability to scale.
“Innovative and forward thinking multi-family landlords are able to participate in this new, large, and fast-growing market through partnerships with the company, benefiting both their bottom line and their residents.
“Fifth Wall is excited to support Lyric as the best in class operator at the nexus of hospitality and residential real estate.”
– Photo courtesy of Lyric.