AltoVita, a London-based provider of serviced apartments, apart hotels and co-living houses tailored to corporate clientele, has raised $9.5 million in an "oversubscribed" series A round. The round is co-led by Geneva-HQed investor Novum Capital Partners and real estate VC Fifth Wall.
The proceeds will go to AltoVita's 2023 growth strategy funding an expansion in its portfolio out to 2.5 million properties, from around 1 million at present.
Co-founders Vivi Cahyadi Himmel and Karolina Saviova say they were convinced by the need to "standardise" services and give "quality assurances" to corporate travellers, who they believe are poorly served by existing corporate accommodation providers.
So far, they've achieved four-fold year/year growth and secured orders from big tech firms like Google and Hewlett Packard Enterprises.
Himmel said: "AltoVita is setting a new standard with a fresh, modern and agile approach when it comes to corporate accommodation technology.
"The partnership with Fifth Wall will unlock immense real estate opportunities to provide unique inventories to meet our corporate demand globally.
"This fundraise will go a long way as we continue building a technology powerhouse that enables us to attract high calibre talent in tech and product as well as hospitality growth, business development and customer success.”
Novum Capital Partners was described as an existing investor in the press release, though full details of its earlier participation couldn't be confirmed.