German hospitality startup Limehome has secured €21 million, by which all existing investors are extending their investments in the company. It will use the funds to further develop its proptech platform and to continue scaling in Germany and Europe.
Limehome, founded in 2018, is leading the digital revolution in the hotel industry. Its apartments are run like premium four star hotels, aiming to give customers the benefits of both worlds. Equipped by interior designers, hospitality professionals and with fully digital access systems, guests get much more space than a hotel room, in a comparable price range and equipment that feels more like home than a hotel. Guests can make their initial booking on the website or through well-known platforms like Booking.com and Expedia, and all aspects of the stay are streamlined online (pricing, booking, check in, cleaning, customer service and invoicing). Since its launch it has grown from a small team of 10 to one of 70+, and opened in more than 30 locations, making it the second largest hotel concept operator in German-speaking countries in 2020.
This round was participated in by existing investors Lakestar (lead investor), HV Holtzbrinck Ventures, and Picus Capital. The fresh capital will be primarily invested in developing the digital hotel platform and expanding in DACH and other European countries.
Dr. Josef Vollmayr, co-founder of Limehome, says: “We are very pleased that all existing investors have increased their stake in Limehome, and that we can continue our successful relationship. We see this investment as a strong vote of confidence in our business to date, and the enormous potential of the company. We are also pleased to welcome Global Growth Capital, one of the leading players in the debt capital market, to our team. We are also delighted by the trust placed in us by our guests. Our annual occupancy rate of almost 80%, a steadily increasing number of returning guests, and a Net Promotor Score of over 50 points demonstrates that our product has been excellently accepted by the market”.
Lars Stäbe, co-founder of Limehome emphasizes: “We have not even come close to realizing the potential of Limehome. We will use the new capital to invest heavily in our technology platform, further improve the customer experience, expand our team and drive our German and European expansion at full speed”.