Revolution Ventures Leads the $15 Million Round with Preeminent Names in Hospitality and Real Estate
May 9, 2019 (New York, NY) — Mint House, a tech-enabled hospitality company for the business traveler, announced today a Series A investment of $15 Million led by Revolution Ventures, a Washington, D.C.-based early-stage venture fund with participation from executives at the country’s foremost hospitality and real estate brands including: Tom Mangas, the former CEO of Starwood Hotels, Carl Sparks, the former CEO of Travelocity, Kerry Hatch, the former president of St. Regis Hotels, and Rob Stewart, the Executive Vice Chairman of JBG Smith. NextView Ventures, Nelstone Ventures, Ingleside Investors also joined the round.
Philippe Bourguignon, Vice Chairman of Revolution Places, former CEO of Club Med and Euro Disney and former president of Accor Hotels, Asia Pacific will join the board.
Mint House offers business travelers what they want: amenity-rich, apartment-style accommodations with the brand consistency of top tier hotels. The company joins a number of other venture-backed competitors creating new accommodation alternatives, but with a deliberate focus on the business traveler in growing cities such as Indianapolis, Denver, Nashville, Miami and Detroit.
Business travelers represent the most lucrative segment of the travel market and are particularly inclined to appreciate the tech-forward approach of Mint House. This is especially true in markets where growing tech communities are luring young design focused travelers, but where there are fewer innovative accommodation options.
Mint House is defined by its speed-to-market, tech-forward accommodations, and exceptional execution. Mint House’s mobile app allows guests to check-in, access a suite of services and amenities, and communicate with customer service via in-app messaging. Mint House’s offerings include 400 high-end residential units (200 in operation, 200 scheduled to open by summer 2019). The company also has more than 250 additional units under contract. Mint House is already rated as a top accommodation in Nashville on booking.com and expedia.com.
Mint House sets itself apart through its partnership model with multifamily developers and owners, typically leasing between 20 and 200 units in any one building and offering its amenity-rich, technology-driven platform for all building residents—not just Mint House guests. These offerings deliver extra building amenities at no additional cost to developers and eliminate friction with residents in the building.
In addition to working side-by-side with landlords, Mint House is also actively looking to partner with major hotel brands to provide a wider offering for consumers who trust hotel chains for consistency, but appreciate the authenticity of staying in a residential property.
Tom Mangas, the former CEO of Starwood Hotels and investor in the round, said, “Mint House has done the best job executing of any company in the space in its relatively short-existence and has built a world-class team. They are clearly looking towards the future with their focus on secondary cities where growing economies are destined to bring about an increase in savvy business travelers.”
Will Lucas, experienced entrepreneur and the Founder and CEO of Mint House said, “We understand that we have two customers – the multifamily developers and the business traveler – and by prioritizing both we’ve been able to secure A+ properties and deliver a top-rated guest experience. We have also formed a team of investors and advisors that are perfectly suited to help us differentiate ourselves in this lucrative market. With expertise and relationships in growing cities, as well as how to build world-renowned hospitality brands and services, we are confident that we can continue to build and expand alongside landlords and hospitality partners. ”
Tige Savage, Co-Founder and Managing Partner at Revolution Ventures, said, “Revolution has long been focused on investing in cities outside of traditional tech hubs. We recognize that these cities are growing, and with that comes a business traveler population that is eager for innovative, but consistent, accommodations. We expect this market to expand and look forward to partnering with Mint House to leverage Revolution’s rising city expertise to help them further succeed.”
Mint House plans to use the funds to continue to develop its technology, staff the team for future growth, and to open in new buildings around the country.
About Mint House
Mint House is a tech-enabled accommodations company designed for high-end business travelers providing apartment-style accommodations in class-A multifamily buildings in downtown core areas. Mint House provides a unique experience that offers the feel of a high-end hotel, with all the comforts and conveniences of your own home – all packaged and delivered via technology. www.minthouse.com
About Revolution Ventures
Revolution Ventures, led by Steve Case, Tige Savage, and David Golden, invests in start-ups and early-stage companies founded and led by passionate entrepreneurs. Revolution Ventures is focused on investing in technology-enabled businesses that empower consumers and businesses and disrupt existing, multi-billion dollar industries. Revolution Ventures is headquartered in Washington, D.C.www.revolution.com/ventures
Tracy Van Grack