Accommodation platform AltoVita has secured $9.5 million in funding via a Series A investment to fuel growth and expand its inventory, the company announced on Friday (2 December).
The investment, led by existing partner Novum Capital Partners and Fifth Wall, will help the company “unlock immense real estate opportunities” and attract new talent as the business looks to enter new markets, according to Altovita CEO and co-founder Vivi Cahyadi Himmel.
“This fundraise will go a long way as we continue building a technology powerhouse that enables us to attract high calibre talent in tech and product as well as hospitality growth, business development and customer success,” added Cahyadi Himmel.
In a statement the tech start-up said it hopes to incorporate 2.5 million properties across 35,000 thousand locations by the end of 2023.
AltoVita was founded by Cahyadi Himmel and Karolina Saviova (COO) in 2018 and currently incorporates more than 1 million properties across 165 countries. With offices in London, Singapore and Dallas, the company has reported 486 per cent year-over-year growth and counts Hewlett Packard Enterprises, Google and US government agencies among its clients.
"We're thrilled to support AltoVita through its next phase of growth and know that our extensive network of limited partners, representing the world's most notable real estate owners and operators, will undoubtedly benefit from their transformative approach," said Miguel Nigorra, partner and head of the Europe team at Fifth Wall.
"As the traditional office returns in 2023, with a significant rebound in business travel, Vivi, Karolina and their talented team at AltoVita are delivering an unmatched global travel solution that realigns employees lifestyles with corporate accommodation," he added.