Munich-based hospitality startup Limehome got an additional €10 million, bringing its Series A funding to €31 million. The company received €21 million in February. The investment came from current investors, led by HV Holtzbrinck Ventures and included Lakestar, Global Growth Capital, and Picus Capital
Founded in 2018, Limehome billed itself as ‘better than a hotel’. This concept is similar to the many professional managed short term rental operators that bring the quality standards of hotels to the apartment or home rental market.
Despite a challenging operating environment for hospitality companies, investors’ confidence in niche hospitality sectors remains strong. Mexico’s short term rental company Casai received venture funding recently. Co-living operators, such as Node and Common, also have received new funding this year.
Limehome has more than 45 locations in Germany and Austria, with another 35 properties currently under development, according to EU-Startups.
The company’s business has been resilient despite the pandemic with revenues doubling. In the German and Austrian markets, the company said it averaged 5,000 guests per month.
The additional €10 million capital will be used to develop its proprietary technology platform as well as expansion. Limehome is expanding into Spain with openings in Granada, Barcelona, and Seville. It received its first guests in October.
photo credit: limehome