Between Airbnb raking in $6 billion in funding to date and the global hotel industry itself being worth more than $570 billion, it’s no surprise that hospitality startups are pulling in dough to further advance the sector. Mint House, a local tech-backed travel startup, is the latest company to cash in on the thriving hospitality industry after announcing it raised $35 million in Series B funding this week.
The round was led by Mohari, a global hospitality investment company. Allen Smith, Mohari’s managing partner and former president and CEO of Four Seasons Hotels and Resorts, will also be joining Mint House’s board of directors. The raise brings Mint House’s total funding raised to date to more than $80 million.
Mint House currently operates in 22 properties across 14 markets nationwide. The startup operates as a crossover between Airbnb and hotels by providing users with luxe, home-like properties to stay in while also offering hotel amenities such as re-stocked groceries, 24/7 digital concierge services, on-demand fitness, smart thermostats and more.
With its fresh funding, Mint House plans to accelerate its product roadmap and expand into additional markets. Alongside its recent raise, the startup is hiring for roles varying from analysts to paralegal positions.
“We are penetrating a trillion-dollar global hospitality market, transforming a traditional hotel industry that has historically been low-tech and full of consumer frictions,” Will Lucas, founder and CEO of Mint House, said in a statement. “Secular megatrends including work from anywhere and the mixing of business and leisure travel are driving explosive demand for flexible apartment-style accommodations in lieu of legacy hotel rooms.”
The funding round comes after a successful 2021 for Mint House in which the startup grew its revenue by over 200 percent. It also tripled its property count over the last two years, according to a company statement.
Market expansion seems to be a win-win situation for both Mint House customers and property owners.
“While delighting our guests, we deliver significant value creation for our property owners, often doubling the income these owners received pre-Mint House,” Lucas said.
Mint House isn’t the only local startup reinventing comfortable stays in the hospitality industry either. Private, shared home marketplace MyPlace is available in 86 countries and raised $5.8 million in seed funding just last month to take the platform out of beta mode.
