Hostel Chain Selina Raises $100 Million
Selina operates hostels that feature co-working spaces, curated tours, homegrown produce-based meals, and volunteer activities
Latin American hostel and co-working company Selina Ltd. announced on Wednesday the completion of a $100 million series C financing round. Led by New York-based investor Access Industries Inc., the round was participated by Grupo Wiese and existing investor Colony Latam Partners. Selina also stated it has secured over $300 million in real estate commitments from regional partners.
Established in 2014 in Panama by Israel-born Rafael Museri and Daniel Rudasevski, Selina currently operates 46 hostels in 13 countries. Selina’s hostels offer co-working spaces, curated tours, wellness and fitness classes, homegrown produce-based meals, and volunteer activities.
A Selina hostel. Photo: Agustin Munoz
Last year, Selina opened a research and development center in Tel Aviv, which it operates in addition to offices in Panama, London, and New York. In a statement, CEO Museri said that the company will further invest in its technology innovation team in Tel Aviv. The company also stated it is looking to open additional 35 properties in 2019 in the U.S., the U.K., Germany, Portugal, Greece, Israel, Argentina, Brazil, and Mexico. By 2023, Selina said, it plans to expand from a total of 22,000 beds to 130,000 beds in more than 400 properties.
Last April, Selina completed a $95 million funding round. Among its backers are WeWork’s Adam Neumann and Gigi Levy Weiss, co-founder of social gaming company Playtika and the former CEO of online gambling firm 888 Holdings PLC.