11 December 2019:
WhyHotel today announced that it has raised over $20 million in Series B round of funding. The funding round was led by Harbert Growth Partners.
Camber Creek, Highland Capital Partners, Working Lab Capital, Geolo Capital, Revolution’s Rise of the Rest Seed Fund, and Mark Nunnelly (former Managing Director of Bain Capital Partners) also participated in the funding round.
With this funding, the company has raised over $35 million till date.
The company will use the fresh capital to expand it’s footprint, allowing both building owners and customers to capitalize on its proven, unique business model nationwide.
Jason Fudin, CEO and Co-founder of WhyHotel, said, “How people use space is evolving at a much faster pace than the 3-5 years it takes to deliver a high-rise building. To address this, we are accelerating innovative real estate offerings for consumers and developers alike.”
Jason Fudin, added, “However, unlike major operators that have been hobbled by delivering products that mismatch long-term lease obligation and short-term consumer contracts, our products are designed with an understanding of real estate cycles in mind and the goal of building a sustainable, profitable business. With hospitality and multifamily products continuing to converge, WhyHotel is poised to be the engine of this inevitable future.”
Tom Roberts, General Partner at Harbert Growth Partners, said, “We’re excited to get behind WhyHotel’s exceptional team and product. With Harbert Management Corporation’s long history in venture and real estate investing, we are in the unique position to evaluate innovation in this market.”
Tom Roberts, added, “As a capital efficient business with an eye on the evolution of real estate, WhyHotel is set to define a new and tremendous market.”
The company plans to continue to accelerate the launch of pop-ups across the U.S. in 2020 and lay the groundwork for building its own high-rise developments that bring the concept into buildings on a permanent basis via Hospitality Living.
(Image – WhyHotel)