Selina, the Panama-based hotel-hostel hybrid, has raised $100 million in a Series C financing round, bringing the company’s total funding to $225 million to date. The funding was led by Access Industries with participation from Grupo Wiese and existing investors Colony Latam Partners.
Launched in 2015, Selina has expanded across the globe and currently operates 46 locations in 13 countries, with more than 22,000 beds open or under conversion. The concept combines private and shared accommodation with coworking facilities, food-and-beverage offerings, wellness and retail.
In a statement, Selina co-founder/CEO Rafael Museri said the company would leverage the new funds to expand its corporate platform. “We’ll continue to invest in our technology innovation team in Tel Aviv [Israel] as we explore digitally driven ways to disrupt the hospitality industry, enhance the complete booking and user experience for travelers, and continue rapid expansion into new markets across the globe,” he said. “As we’ve seen across a number of industries from co-working to ride-sharing, millennials and Gen Z are redefining how they want to live, work and explore the world.”
“We believe Selina’s focus on building a global hospitality platform for digital nomads will redefine the way millennials live, work, play, learn and give back,” said Lincoln Benet, CEO of Access Industries.
This year, Selina is slated to open an additional 35 properties in the U.S., U.K., Germany, Portugal, Greece, Israel, Argentina, Brazil and Mexico as well as expanding into new European and Latin American markets and opening in Asia by 2020. The company is aiming to have 130,000 beds and more than 400 properties by 2023. To fuel this growth, Selina also has secured funding commitments from regional partners who will acquire real estate and fund Selina’s conversion costs at the country level.
To date, Selina has secured more than $300 million in real estate commitments and is in advanced negotiations for an additional $200 million in Europe, Latin America and the U.S.