AltoVita, the corporate accommodation platform, whose clients include Hewlett Packard Enterprises, Google and US govt agencies, has secured $9.5m in a Series A. AltoVita secured funding in a market where less than 2% VC funding in 2022 has gone to firms led by women. Its plans to deliver smart, safe and sustainable living for employees anywhere in the world.
The oversubscribed Series A investment round, co-led by Novum Capital Partners and Fifth Wall will help AltoVita continue its expansion to reshape the technology landscape and build the largest inventory in the $201bn corporate accommodation sector, by delivering 2.5 million properties to businesses and employees across 35,000 locations by the end of 2023.
What does the funding mean for AltoVita?
Vivi Cahyadi Himmel, CEO and co-founder at AltoVita, said: “AltoVita is setting a new standard with a modern and agile approach when it comes to corporate accommodation technology. Karolina and I are thoroughly blessed to have incredibly supportive investors.”
“Existing investor, Novum Capital Partners, who has seen 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. 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 and hospitality growth, business development and customer success.”
What is the market offering of AltoVita?
Founded in 2018 by Vivi Cahyadi Himmel and Karolina Saviova, who have lived in over 20 cities between them, the firm 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 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 tech that comes with flexibility and enriched content. Putting employees first, all properties on the AltoVita platform are fully vetted and verified to provide duty of care and compliance, backed by its extensive 4-Tier Quality Control system and supported by a dedicated customer success team.
AltoVita 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.
What are the investors’ thoughts on AltoVita?
Gabriele Gallotti, Founding Partner at Novum Capital Partners and Board Observer at AltoVita, added: “From the first meeting, we were completely bought into Vivi and Karolina’s vision. AltoVita is one of the most capital efficient operations that I’ve seen in many years and the growth AltoVita has achieved is rare, particularly within the current market challenges.”
“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.”
Commenting on AltoVita and funding round, Miguel Nigorra, Partner and Head of the Europe Team at Fifth Wall, said, “As the traditional office returns in 2023, with a significant rebound in business travel, Vivi, Karolina and their talented team at AltoVita are delivering an unmatched global travel solution that realigns employees lifestyles with corporate accommodation,”
“We’re thrilled to support AltoVita through its next phase of growth 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.”