Microstay platform BYHOURS has secured 8 million Euros (US$8.8 million) of funding, bringing their total value to 18 million Euros (US$19.8 million).
BYHOURS, which was founded in 2012, is a booking platform that allows extremely short microstays, in the range of three or six hours, at more than 3,000 hotels worldwide. The platform allows users to check-in and check-out at any time, 24 hours a day.
The company, founded by Christian Rodríguez and Guillermo Gaspart, was funded by a multitude of international investors, including Angel Ventures and DILA Capital. BYHOURS plans on using the cash injection to expand to new markets and invest in new technologies.
“Our goal for 2020 is, in addition to continuing to grow in our current markets and to start operations in the United States, to be able to develop the B2B market and improve our connectivity with other players in the tourism sector,” said CEO Gaspart told Travel Daily Media.
The company has already achieved several significant markers of success. The platform currently has over 250,000 users and has sold more than one million hotel hours, which has helped the industry generate more than 20 million Euros of turnover hours.
“We bring flexibility to a sector that until now has been very limited to its traditional rules and operations and we provide additional income to the hotel sector,” explained co-founder Rodriguez. “Frequent travelers, whether business or family, can stay for a few hours in hotels near airports, train stations, business areas or in the city centre. We also offer hotels near hospitals, football stadiums, theaters and leisure areas.”
The microstay, an idea originated from Japanese “capsule hotels,” is absolutely trending at the moment, being named in the Global Trend Report by WTM Insights. It’s easy to see why hotels are attracted to the concept, as microstay companies offer hoteliers the ability to book a room multiple times in one day. An attractive premise, to be sure.
“The demand for microstays shows no sign of slowing down, being largely driven by business customers while offering a significant revenue boost for hoteliers,” Gaspart told Thrive Global.
photo credit: byhours