UK: Global corporate accommodation platform AltoVita, whose customers include Hewlett Packard Enterprises, Google and US government agencies, has announced that it has secured $9.5 million 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 $201 billion corporate accommodation sector. It aims to do this by delivering 2.5 million properties to businesses and employees across 35 thousand locations by the end of 2023.
AltoVita said that it had secured investment in a market which has seen less than two per cent 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, co-founder and CEO of AltoVita, said: “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 four times year-on-year 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,” she added.
Founded in 2018 by Cahyadi Himmel and Karolina Saviova, who have lived in over 20 cities between them, the company was born out of the lack of available options for corporate travellers and a desire to standardise and provide quality assurance to the legacy corporate accommodation sector. The AltoVita platform provides diversified asset classes to interns all the way to executives, as well as the ability to search for properties by safe and sustainable practices.
The founders’ vision is to power the entire accommodation ecosystem – be it business travel or global mobility – with combined data-driven scalable technology that comes with flexibility and enriched content.
Putting employees first, all properties on the AltoVita platform are fully vetted and verified to provide duty of care and compliance, backed by its extensive four-tier quality control system and supported by a dedicated customer success team. AltoVita proprietary features include data analytics and market intelligence tool, policy builder and end-to-end housing management with financial management.
The company’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, said: “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,” added Gallotti.
Miguel Nigorra, partner and head of the Europe team at Fifth Wall, said: “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. 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.”
The news came as AltoVita prepared for its third Annual Global Corporate Home Awards. The in-person awards ceremony took place on 1 December at the prestigious Tate Modern in London.
Prior to the latest raise, AltoVita had secured $320,000 in pre-seed funding in March 2019.
