London-based award-winning corporate housing booking platform, AltoVita, has secured $9.5 million in an oversubscribed Series A investment round. The investment round was co-led by Switzerland-based VC Novum Capital Partners and Fifth Wall.
The funding news comes as AltoVita prepares for its 3rd Annual Global Corporate Home Awards. The in-person awards ceremony which took place on December 1, at the Tate Modern in London.
It will help the UK-based proptech continue its expansion to reshape the technology landscape and build the largest inventory in the $201 billion corporate accommodation sector, by delivering 2.5 million properties to businesses and employees across 35 thousand locations by the end of 2023.
Currently, they’re a team of 55, and they are also present in the US, including the East coast and West Coast, where they are hiring aggressively. Further, their team is also present in Singapore and in India.
Vivi Cahyadi Himmel, CEO and co-founder at AltoVita, commented: “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.”
A multifamily office founded more than 4 years ago in Geneva, Switzerland — Novum Capital Partners might have invested in mostly male-founded startups, but now the VC is focussing on diversity and chose to invest in AltoVita. Gabriele Gallotti, Founding Partner at Novum Capital Partners and Board Observer at AltoVita, added: “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.”
Speaking with TFN, Gallotti adds, “At Novum, 40% of our employees are women, and we are a big believer in women in the financial industry contrary to the industry.” Talking about future investments, he mentions, “our next investment will also be in a female-founded startup from Italy.”
“As the traditional office returns in 2023, with a significant rebound in business travel, Vivi, Karolina and their team at AltoVita are delivering a 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 growth phase 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.”
Ambitious female-founded startup!
AltoVita was founded in 2018 by female entrepreneurs – Vivi Cahyadi Himmel and Karolina Saviova. It 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.
Sustainable corporate accommodation
AltoVita’s technology bridges the highly fragmented property distribution system and Global 2000 companies, SMEs, and business travellers, reducing the legacy 48-to-72-hour bidding process down to a few minutes.
The platform provides instant access to a network of over 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.
AltoVita proprietary features include data analytics and market intelligence tool, policy builder and end-to-end housing management with financial management.
The platform’s proprietary features include data analytics and market intelligence tool, policy builder and end-to-end housing management with financial management. AltoVita’s fast-growing global footprint currently spans 165 countries and 1,553 cities, including Singapore, Dallas, and Bangalore.