AltoVita, a corporate accommodation platform, whose customers include Hewlett Packard Enterprises, Google and US government agencies, announced it has secured $9.5M in an oversubscribed Series A investment round.
The investment, co-led by Novum Capital Partners and Fifth Wall will help AltoVita continue its expansion to reshape the technology landscape and build the largest inventory in the $201bn corporate accommodation sector, by delivering 2.5 million properties to businesses and employees across 35 thousand locations by the end of 2023, the statement said.
AltoVita has secured investment in a market which has seen less than 2% VC funding in 2022 going to businesses led by women. Its mission is to deliver smart, safe and sustainable living for employees anywhere in the world.
Vivi Cahyadi Himmel, CEO and co-founder at AltoVita, commented: “AltoVita is setting a new standard with a fresh, modern and agile approach when it comes to corporate accommodation technology. Karolina and I are thoroughly blessed to have incredibly supportive investors. Existing investor, Novum Capital Partners, who has already seen firsthand our consistent 4x YoY growth over the past few years and the quality of the work that we do at AltoVita, co-led the round. The partnership with Fifth Wall will unlock immense real estate opportunities to provide unique inventories to meet our corporate demand globally. This fundraise will go a long way as we continue building a technology powerhouse that enables us to attract high calibre talent in tech and product as well as hospitality growth, business development and customer success.”
AltoVita’s fast-growing global footprint currently spans 165 countries and 1,553 cities, including Singapore, Dallas, and Bangalore.
Gabriele Gallotti, Founding Partner at Novum Capital Partners and Board Observer at AltoVita, added: “From the first meeting, we were completely bought into Vivi and Karolina’s vision. AltoVita is one of the most capital efficient operations that I’ve seen in many years and the growth AltoVita has achieved is rare, particularly within the current market challenges. The company brings a truly unique offering to the corporate travel market and we couldn’t be happier to see the progress that the team has made over the past year. Our recent investment will give AltoVita the firepower to scale its vision into new markets, and continue to develop its seamless solution for the fragmented corporate accommodation sector.”
“As the traditional office returns in 2023, with a significant rebound in business travel, Vivi, Karolina and their talented team at AltoVita are delivering an unmatched global travel solution that realigns employees lifestyles with corporate accommodation,” said Miguel Nigorra, Partner and Head of the Europe Team at Fifth Wall. “We’re thrilled to support AltoVita through its next phase of growth and know that our extensive network of limited partners, representing the world’s most notable real estate owners and operators, will undoubtedly benefit from their transformative approach.”
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.