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

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.

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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.