Tech-enabled lifestyle hotel company Life House closed on a $30 million Series B fundraising round. Thayer Ventures led the investment, with Tiger Global, JLL Spark and Ashton Kutcher and Guy Oseary’s Sound Ventures among the others.
Today, Life House has more than 800 guestrooms available, with 25 hotels expected to be open and operating by early next year. The company claims to already be profitable at the unit level and, with this financing, it is looking to grow into new markets, launch new brands in other consumer price segments, continue to build sustainable competitive advantages and reach corporate profitability in the next 18 to 24 months. The company originally launched in 2018.
“The hotel industry is broken, leaving hotel owners with painfully unprofitable hotels and travelers with expensive or suboptimal hotel experiences,” Rami Zeidan, Life House’s founder/CEO, said in a statement. “Most of these problems are solved with software, while others are solved with innovation in the supply chain of our services.”
Several other strategic investors also participated in the round, including David Hamamoto, the former chairman of Morgans Hotel Group, and Jim Ketai, the founder of Bedrock Detroit and owner of Detroit’s Shinola Hotel. The round also included follow-on investments from the company’s previous investors Global Founders Capital, Comcast Ventures and Trinity Ventures.
“We are excited to continue our support of Life House as it expands its portfolio of boutique hotel properties that leverage technology to deliver aspirational travel experiences at affordable prices,” Patricia Nakache, general partner at Trinity Ventures, said in a statement. “Rami’s deep expertise in the hospitality industry gives him a unique perspective on how to modernize travel for guests and property owners alike.”