Hotel Innovator, Life House, Raises $ 60 Million in Funding from Inovia Capital, KAYAK and Tiger Global to Start Selling Its Software Platform to Hoteliers
After growing over 600% since the start of the pandemic, the company begins to sell its software that successfully powers its managed hotels
NEW YORK, December 2, 2021 / PRNewswire / – Life House, the all-in-one hotel operations platform and one of the fastest growing hotel companies in the United States, today announced the increase $ 60 million in a Series C financing led by new investors KAYAK and Inovia Capital with participation from investors Tiger Global, Derive Ventures, JLL, Trinity Ventures, Sound Ventures, Cooley LLP, among others.
Life House plans to use these new funds to continue building a market-leading cloud-based hotel management platform that enables independent hotels of all sizes to have operational autonomy and optimized financial performance. The company will also continue to invest in improving and growing its white label management platform, which organically benefits from its software innovations.
Life House started out as a hotel brand and independent hotel operator, using their software to become the top operator and demonstrating their expertise with an award winning brand. Today, after significant investments in previous cycles, this software is sufficiently complete and mature to be sold directly to hoteliers and operators who wish to take ownership of on-site hotel management.
Life House currently manages the operations of more than 50 hotels in North America powered by its software platform which has consistently increased the profitability of its hotels by nearly 200% and its net revenues by over 45%. Given its differentiated position as a hotel manager and software developer, the company is the customer of its own technology and understands its customers intimately. “We’ve always been on a mission to build operationally self-sufficient hotels by developing software that makes hotels profitable and easy to get the most out of,” said Founder and CEO, Rami zeidan, who had seen the problem firsthand after a decade at some of the industry’s largest hotel operations and investment companies. “After seeing the results of our powerful software on our managed hotels, we are excited to increase our impact by sharing it more widely with other independent hotel owners who are underserved by the solutions that exist today. “
Hotel operations are complex and multifaceted, with very few groups capable of being successful in all aspects of an operation. Since its founding in 2017, Life House has focused on making it easy for anyone to own, build and operate any hotel of any shape or size and do it in an optimal way. Life House’s all-in-one platform is designed to be a one-stop-shop for any independent hotel owner of any size or level of expertise – from revenue management and dynamic pricing to reporting. financial and accounting, through full management. , branding and design.
The company’s software platform leverages excellent API products in the market to create a comprehensive platform for core business functions. Today, the three main business systems power 1) revenue management, 2) financial operations, and 3) real estate operations.
Revenue Management and Marketing software powers all revenue management from pricing and meta-search marketing to distribution – resulting in a 45% net RevPAR increase and 70% direct bookings
Financial operations software automates finance, accounting, reporting, budgeting and forecasting functions to enable hotels to deliver accurate financial reports without a workforce and to give general managers and owners actionable and intelligent reports
Hotel operations software allows hourly staff like housekeepers and lobby attendants to do their jobs optimally without middle managers. “We don’t just automate back office costs, we also enable anyone, anywhere, to be really good at their job, without training,” added Zeidan.
The powerful platform and unique approach have caught the attention of sophisticated software investors. “Inovia has been investing in breakthrough technology companies in the hotel industry for more than a decade and we have developed in-depth expertise in the field in space”, Chris Arsenault, said the partner of Inovia Capital. “We have been impressed with the platform that Rami and the Life House team are building to enable independent hotel owners to compete globally, and we are delighted to support them in their next phase of development. growth. “
The company has big plans for growth as it hopes to leverage its partnership with KAYAK to share its operating platform globally in the near future. “We are reinventing the hotel experience with Life House as a software and operational partner,” said Steve hafner, CEO of KAYAK. “Our investment will help accelerate the innovation and expansion of KAYAK’s hotel initiatives.”
“The company is initially focusing on small and mid-size hotels where owners are particularly underserved, and which represent almost half of the overall market, but intends to expand in time. “We see a world where we ship iPads to hotels so staff can easily learn and operate independently in hours – and we’re not far from that,” Zeidan said.
ABOUT THE LIVING HOUSE
Life House is a vertically integrated hotel operations and software platform focused on increasing the profitability and reliability of independent hoteliers. Life House was founded in 2017 as one of the only vertically integrated hotel companies with financial backing from institutional and private investors. The company is making ambitious investments in operational systems to make it much more profitable, predictable and transparent for owners, while making the customer experience more reliable for travelers. Today, the company operates nearly 50 hotels in its portfolio through North America. For more information, visit www.life-house.com.
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SOURCE Life House Hotels