London-based AltoVita, a platform with a human-centric approach to power the corporate accommodations sector, announced on Friday that it has raised $9.5M (approximately €9M) in an oversubscribed Series A round of funding. The company aims to deliver smart, safe and sustainable living for employees anywhere in the world.
The company has attracted investment in a market where fewer than 2 per cent of venture capital funding goes to companies managed by women in 2022.
Investors in this round
The investment was co-led by Novum Capital Partners and Fifth Wall.
Novum Capital Partners is a Multi-Family office based in Geneva. The firm has assets in excess of $2.5B AUM and works closely with 20 ultra-high-net-worth (UHNW) families across Europe.
Fifth Wall, which was founded in 2016, is a Certified B Corporation. It claims to be the largest venture capital firm focused on technology for the global real estate industry. With approximately $3.2B in commitments and capital under management, Fifth Wall connects many of the world’s largest owners and operators of real estate with entrepreneurs who are redefining the future of the Built World.
Capital utilisation
AltoVita says it will use the funds to support its 2023 ambition to ‘transform the technological landscape and create the biggest corporate accommodation inventory’ by providing 2.5 million properties to companies and workers across 35,000 locations.
Vivi Cahyadi Himmel, CEO and co-founder at AltoVita, says, “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 fundraiser 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,” adds Himmel.
Powering the corporate accommodations sector
Founded by Vivi Cahyadi Himmel and Karolina Saviova in 2018, AltoVita was born due to the lack of available options for corporate travellers and an aim to standardise and provide quality assurance to the corporate accommodation sector.
The platform offers various asset classes and gives users the option to look for properties using safe and environmentally friendly methods. The goal is to use scalable, data-driven technology that is flexible and enhanced with information to power the whole lodging ecosystem, whether it be for business travel or international mobility.
The customisable platform provides instant access to a diverse network of 1 million+ housing options worldwide, including serviced apartments, professionally managed homes, aparthotels, and co-living with the ability to sort by desired amenities, pet friendliness, sustainability scores, and more.
All properties on the AltoVita platform have a thorough review and verification process to ensure compliance and a duty of care. The company says that this process is supported by an extensive 4-Tier Quality Control system and a committed customer success staff. The company’s features include data analytics and market intelligence tool, policy building and end-to-end housing management with financial management.
Currently, 165 nations and 1,553 cities make up AltoVita’s expanding worldwide reach, including Singapore, Dallas, and Bangalore. Its customers include Hewlett Packard Enterprises, Google and US government agencies.
