French-Israeli startup Sweet Inn, a luxury apartment booking site, has raised €20 million. The fundraising round was led by Israeli QUMRA Capital, with participation from BRM, La Maison, and Luxembourg holding investment M.I.3.
Sweet Inn was started three years ago, and combines hotel services with AirBnB style apartment rentals. The company owns the apartment leases, managing over 350 flats aross Europe (Paris, Barcelona, Rome, Brussels, Lisbon) as well as Jerusalem and Tel Aviv, and has a staff of 150 employees. The startup offers guests high-quality hotel services during their stays, including housekeeping, laundry, and breakfast.
Sweet Inn says it will use the new capital to accelerate its growth and further develop the technological tools used on its website.
"We are very proud of the choice of our new shareholders, who, by their own expertise, symbolise the perfect combination of the well-known Israeli technology and the French 'savoir-faire' in the luxury hospitality industry," added Paul Besnainou, founder & CEO of Sweet Inn, in a statement. These new shareholders not only give us the means to accelerate our development but mainly to take part in the on-going digital revolution that will lead to a deep reconfiguration of the industry. These raised funds will allow sweetinn.com to implement in-depth technological tools in Yield Management and Big Data as well as in loyalty programs."