Apartment-hotel brand raises $100M with backing from Tenaya, GGV Capital

New York-based Domio developments in Miami, Philadelphia and Phoenix

TRD NATIONAL /
Dec.December 20, 2019 11:30 AM
Domio CEO Jay Roberts (Credit: Domio)

Domio CEO Jay Roberts (Credit: Domio)

UPDATED, Dec. 24, 2019, 10:17 a.m.: Apartment-hotel brand Domio just closed a $100 million funding round and is attracting big investors including GGV Capital and Lehman Brothers–spinoff Tenaya Capital.

The funding was split equally between equity and debt, according to the announcement. The equity round was led by GGV Capital, a global venture capital firm that manages $6.2 billion across 13 funds and has also funded Airbnb and Opendoor.

Investors also included Softbank NY (which does not have ties to Masayoshi Son’s SoftBank). The rest of the funding for Domio came from Connecticut-based private investment firm Eldridge Industries; 3L Capital, a private equity firm based in Los Angeles and New York; real estate investment firm Cain International; Tribeca Venture Partners, a venture capital fund based in New York; Tenaya Capital, which was spun out of Lehman Brothers in 2009; and Upper90, a New York-based credit fund, which also led the debt funding.

Since it launched in 2016, Domio has expanded to Miami, Philadelphia and Phoenix. Headquartered in the Flatiron District, it aims to attract groups, families and business travelers by offering apartment-hotel rooms five times larger than the average U.S. hotel room at a discounted price.

Correction: A previous version of this story incorrectly stated that Softbank NY was a subsidiary of the Masayoshi Son’s SoftBank, which has funded real estate startups including WeWork and Katerra.


Related Articles

arrow_forward_ios
1310 West Lantana Road

Motel 6 in Lantana sells to Hare Krishna company for $6M

Clockwise from left: AC Hotel Midtown Miami, E11even and the Gabriel Miami (Credit: iStock, Wikipedia)

$1K a night, easy: South Florida hotels score high rates for Super Bowl LIV

Z Ocean Hotel

Developers misrepresented Z Ocean Hotel’s dire finances: judge

321 North Federal Highway and a rendering of the project (Credit: Google Maps)

Dania Beach approves Avid Hotel on Federal Highway

Jeffrey Dagowitz, Ophir Sternberg and 100 21st Street (Credit: Getty Images, Google Maps)

Lionheart and Jeffrey Dagowitz sell Seagull Hotel Miami Beach for $120M

Susan Gale and the South Beach hotels

South Beach hotels hit the market for $24M

Hyde Beach House Resort & Residences, Carlos Rosso and Drew Sims

Sotherly closes on acquisition of Hyde Beach House hotel space

Sleep Inn Miami Airport, Holiday Inn Express Miami Airport Central Miami, Gabriel Shamay and David M. Greenberg (Credit: Google Maps)

Amid supply surge, 2 hotels near MIA sell for $21M

arrow_forward_ios
Loading...