Boutique hostel company Selina is now valued at $850 million due to its recent $100 million funding round, which will be used to expand its footprint to 130,000 beds across 400 locations by 2023 as it works to corner the rise of remote workers.
This year, the company plans on opening 35 properties in the U.S., Germany, Portugal, Mexico and a few other countries. CEO Rafael Museri predicts that about 1.2 to 1.5 million people will stay in its locations in 2019 and an additional 2 million will visit the spaces for events.
Selina has also locked in about $300 million in country partnerships to build out its hostels around the world, which offer a place to sleep, work, and network with other digital nomads through numerous events and activities.
The latest funding will also be used to hire on more talent and to further connect with local communities, which they rely on to build out many of their locations.
“This is the future of accommodation,” said Museri. “Airbnb is improving but we are doing something completely different. We don’t think any one brand will touch all three spaces [of work, sleep, play] the way that we will.”