Female-led, UK-based, AltoVita a corporate housing booking platform snaps $9.5 million in a Series A oversubscribed investment round.
Fifth Wall and Swiss venture capital firm Novum Capital Partners jointly led the funding round.
By providing 2.5 million properties to companies and employees across 35,000 sites by the end of 2023, it will assist the UK-based proptech in continuing its expansion to transform the technological environment and build the most extensive inventory in the $201 billion corporate lodging market.
They currently have a team of 55 and are present throughout the US, including the East and West Coasts, where they are actively recruiting. Additionally, their team has members in Singapore and India.
CEO and co-founder of AltoVita Vivi Cahyadi Himmel stated: “Existing investor, Novum Capital Partners, co-led the round. Novum Capital Partners has already observed firsthand our constant 4x YoY growth over the past three years and the quality of work that we perform at AltoVita.”
Vivi Cahyadi continued, “The collaboration with Fifth Wall will open up a wealth of real estate prospects for us to supply distinctive inventories to satisfy business demand across the globe. This fundraising effort will help us a lot as we work to construct a technology powerhouse that will allow us to draw in top talent for tech and product development as well as hospitality growth, business expansion, and client success.”
We couldn’t be happier to witness the success that the team has made over the past year, said Gabriele Gallotti, founding partner at Novum Capital Partners and board observer at AltoVita. “The company delivers a unique solution to the corporate travel industry. With the help of our latest investment, AltoVita will have the strength to expand its vision into new markets and keep improving its seamless solution for the fragmented corporate lodging market.
In contrast to the industry, Gallotti continues, “At Novum, 40% of our staff are women, and we strongly support women in the financial sector.” He says, “our next investment will likewise be in a female-founded firm from Italy,” when speaking of potential future investments.
Miguel Nigorra, Partner, and Head of the Europe Team at Fifth Wall stated that “as the traditional office returns in 2023, with a significant rebound in business travel, Vivi, Karolina, and their team at AltoVita are delivering a global travel solution that realigns employees’ lifestyles with corporate accommodation.”
“We’re happy to help AltoVita through its next growth phase and are confident that their innovative strategy will undoubtedly be advantageous to our broad network of limited partners, who represent the most illustrious real estate owners and operators in the world,” Miguel added.
Vivi Cahyadi Himmel and Karolina Saviova, two female entrepreneurs, established AltoVita in 2018. It was created due to the limited options for business travelers and a need to standardize and guarantee the quality of the existing corporate lodging market.
From interns to CEOs, the AltoVita platform offers various asset classes and the option to look for properties using safe and environmentally friendly methods. The creators’ goal is to use flexible, data-driven, scalable technology and expanded content to power the whole accommodation ecosystem, whether for business travel or international mobility.
By connecting the extremely fragmented property distribution system with Global 2000 firms, SMEs, and business travelers, AltoVita’s technology shortens the traditional 48–72-hour bidding procedure to a few minutes.
With the flexibility to sort by preferred amenities, pet friendliness, sustainability scores, and more, the platform offers fast access to a network of over 1 million housing alternatives across the world, including serviced apartments, professionally managed homes, aparthotels, and co-living.
The data analytics and market intelligence tools, the policy builder, and end-to-end housing management and finance management are all exclusive to AltoVita.
Data analytics, market intelligence tools, a policy builder, and end-to-end housing management with finance management are among the platform’s exclusive features. The currently 165 nations and 1,553 cities that makeup AltoVita’s rapidly expanding worldwide footprint include Singapore, Dallas, and Bangalore.
Image Credit: AltoVita