Editor’s Note: This story was originally published in the Austin Business Journal. Click here to read the full story.
Locale LLC has raised $11 million to fuel its growing hospitality business.
Locale was founded in 2016 and has now raised a total of $14 million, according to a Jan. 13 announcement. Piggybacking on the popularity of short-term home rentals made popular by companies such as Airbnb and Vrbo, Locale works with owners and developers of urban apartment buildings to turn some of their units into hotel rooms.
The Austin-based startup's $11 million series A round was led by Amplo Ventures, which led a prior $2.5 million round in April 2019. Also participating in the most recent round were Susa Ventures, Malking Holdings, Rogue Insight Capital and Metropolis Capital Partners, according to the announcement. Susa Ventures is also a prior investor.
"We first decided to back Locale when we realized how thoughtful they are in building the next generation of accommodations for travelers,” Sheel Tyle, founder and CEO of Amplo, said in a statement. “We are now increasing our commitment to Locale as it continues to redefine the short-term rental category by introducing a premium apartment hotel brand centered around quality in-room products, intentional design, local curation and most importantly, a superior hospitality-driven experience.”
Locale expects to use the new funding to "invest in digital product innovation, enhanced in-room offerings and executive-level hiring," the announcement states. Another priority is moving forward with new projects in Denver, Nashville and Charleston, South Carolina. The company currently lists four Austin job openings on its website, including a head of finance and a head of product.
