Life House has raised $60 million in Series C financing led by new investors Kayak and Inovia Capital with participation from investors Tiger Global, Derive Ventures, Trinity Ventures, Sound Ventures and Cooley among others.
Life House plans to use these new funds to continue building a cloud-based hotel management platform that provides independent hoteliers with operational autonomy and financial performance. The company will also continue to invest in improving and growing its white-label management platform.
Life House began as a hotel brand and tech-focused operator for independent hotels in 2017. After significant investment from prior rounds, the company is now ready to sell its technology directly to hoteliers and operators that want to own the on-site management of the hotels.
The company currently manages the operations of more than 50 hotels in North America by its software platform that has consistently increased its hotels profitability by nearly 200 percent and net revenues by more than 45 percent, the company said. Given its differentiated position as a hotel manager and software developer, the company is the customer of its own tech.
“We’ve always been on the mission to build operationally autonomous hotels by developing software that makes hotels maximally profitable and easy to operate,” Founder and CEO Rami Zeidan said. “After seeing the results of our powerful software on our managed hotels, we’re excited to increase our impact by sharing it more broadly to other independent hotel owners who are underserved by the solutions that exist today.”
Life House’s all-in-one platform includes revenue management, dynamic pricing, financial reporting and accounting, management, branding and design.
The company’s software platform leverages API-first products in the market in the creation of a comprehensive platform for core business functions. Today the company’s three core systems power revenue management, financial operations and property operations.
Revenue management and marketing software powers all revenue management from pricing, to metasearch marketing, to distribution, driving 45 percent higher net RevPAR and 70 percent direct bookings, according to Life House. Financial operations software automates finance, accounting, reporting, budgeting, and forecasting functions to enable hotels to deliver accurate financial reporting with no headcount and to empower general managers and owners with actionable intelligent reporting. Hotel operations software makes it easier for hourly staff like housekeepers and lobby attendants to do their job optimally without middle manager supervisors.
“We’re not just automating back-office costs, we also make it very easy for anyone anywhere to be really good at their job, without training,” Zeidan added.