Corporate lodging platform AltoVita, one of PhocusWire’s Hot 25 Travel Startups for 2023, has raised $9.5 million in Series A funding.
Led by Novum Capital Partners and Fifth Wall, the round will see further expansion with the goal of offering 2.5 million properties by the end of 2023.
“AltoVita sets new standards with a fresh, modern and agile approach to corporate lodging technology. Karolina and I are truly grateful to have had an incredibly supportive investor. Existing investor Novum Capital Partners co-led the round, seeing firsthand the consistent 4x year-over-year growth over the past few years and the quality of work at AltoVita. Co-founder and CEO.
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“Our partnership with Fifth Wall opens up a huge real estate opportunity to provide unique inventory to meet the demand of businesses around the world. It will go a long way as we continue to build a technology powerhouse that enables us to attract top talent in development and customer success.”
London-based AltoVita was founded in 2018 and aims to bring safe and smart accommodation to the corporate travel community through its technology.
The platform provides market intelligence data for businesses, as well as policy builder and housing management.
Gabriele Gallotti, Founding Partner at Novum Capital Partners and Board Observer at AltoVita, added: AltoVita is one of the most capital efficient businesses I’ve seen in many years and the growth AltoVita has achieved is rare, especially given the current market challenges. The company offers a truly unique offering to the corporate travel market and we are pleased to see the progress the team has made over the past year. Our recent investment gives AltoVita the firepower to expand its vision into new markets and continue to develop seamless solutions for the fragmented corporate lodging sector. “
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