Life House gets $60M Funding led by Kayak and Inovia Capital

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Noted boutique hotel player Life House has garnered $60 million as part of its Series C funding round, led by Kayak and Inovia Capital. The company has developed software for enabling hotel operators and owners in various ways and the funding round also saw participation from its existing investors such as Thayer Ventures, Tiger Global, Derive Ventures, Trinity Ventures, JLL, Sound Ventures, Cooley LLP and more. The company has now raised a little more than $100 million ever since it was established.

Life House was founded by Rami Zeidan after years of working at various segments of the global hotel sector. The company is based in New York and initially began life as a hotel brand cum operator for several independent hospitality enterprises, creating its proprietary software for resolving complex operational models in the sector. It ultimately transformed into a leading provider of tech-driven solutions along with being a boutique hotel brand and manager of hotels. The company has also confirmed that its software is already at the desired level of maturity to be sold directly to operators and hoteliers worldwide, who desire ownership of management (on-site). Life House has now become a SaaS company now with a team of 70 professionals.

According to Zeidan, the company has focused on efficiency, having spent only a little upwards of $20 million over the last four years. Zeidan also added that with three times the amount in funding currently, the company is excited to discover the possibilities with regard to its new products. Kayak is one of the biggest travel sites globally and its investment is noteworthy.CEO Steve Hafner has already stated how Kayak is planning for revamping experiences in hotels with its operational and software partner being Life House.

 He also added that their investment will help in quickening the hotel ventures at Kayak along with innovation, while adding that there is a common vision where independent properties can enhance their operations greatly while attaining more profitability with superior technological assistance. He also stated that Life House already has a wonderful team lined up along with leading venture capital (VC) fellow investors. He also talked of how hands-on hotel operations are being superbly fused by the team with innovative software which makes for a superior blend. Life House already handles operations for almost 50 North American hotels, with branded properties making up half of its tally at the time of getting its first $30 million Series B funding in January, 2020. Currently, 85% of the portfolio contains third-party entities which are using Life House software solutions through white-label deals.

Zeidan has stated that SaaS products will now be sold to these third-parties which they do not directly manage. Software by the company has been consistent in enabling an increase in hotel profits by more than 200% while revenues have increased by more than 45% according to Zeidan’s statement. Life House has witnessed more than 600% of growth ever since the outbreak of the coronavirus. The company is initially emphasizing smaller hotels with underserved owners, which already take up more than 50% of the overall market. The funds will be used for more recruitment, especially for product and software development professionals along with sales team and engineers.

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