Based in New York mint housea startup offering homey properties with hotel-like amenities and services, closed a $35 million Series B funding round.
The round is led by Mohari Hospitality, a global hospitality investment firm focused on luxury properties in the urban and resort markets. Mohari Hospitality’s managing partner, Allen Smith – the former president and CEO of Four Seasons Hotels & Resorts – is joining Mint House’s board of directors.
Existing Mint House investors Revolution Ventures, Allegion Ventures and Ingleside Investors are also participating in the round.
Mint House reports that its revenue grew by more than 200% in 2021, and over the past two years the company has tripled its number of properties, now at 22 properties in 14 markets.
Its properties each include full kitchens and large living and working areas as well as proprietary technology that enables mobile check-in, keyless entry, pre-stocked groceries, digital concierge services, smart thermostats and more.
“We are entering a trillion-dollar global hospitality market, transforming a traditional hospitality industry that has always been rudimentary and fraught with friction,” said Will Lucas, Founder and CEO of Mint House.
“Secular megatrends including ‘explosive work from anywhere’ and the mixing of business and leisure travel are driving demand for flexible apartment-style accommodations instead of traditional hotel rooms. It is necessary for a high-end branded operator to offer quality, safety and reliability to meet this demand. Our properties outperform their premium hotel counterparts in all financial and customer metrics, and we are the hotel partner of choice for businesses with over 400% growth in corporate partnerships over the past year.
Lucas says the company will use this funding to accelerate its product development and market expansion.
“Mint House is a true disruptor in the hospitality industry, redefining the line between hotels and short-term rentals,” Smith says.
“The growth of the company over the past few years demonstrates the demand for this new concept of modern, luxurious and technological living, as well as the enormous potential for future expansion of the company. It is an exciting time for Mohari to invest in Mint House and I look forward to joining the Board of Directors as Mohari continues to expand our portfolio of premier hotel investments.
Founded in 2017, Mint House has raised over $80 million to date, including a $15 million round in May 2019.