Hostel Provider Selina’s New Funding Will Allow It to Survive Crisis: CEO
Photo Credit: Selina Playa Venao, one of the hotel and co-working company's properties in its home country of Panama. Selina
Skift Take
Selina grew up in a time when private market investors were willing to fund millions in early losses. Money papered over missteps. But managers now face an era that requires strict management discipline. Can it adapt?
Selina, which provides travelers with co-working spaces, hostel-style lodging, and activities, has raised about $60 million in extra funding, sources told Skift. The startup, founded in Panama, declined to comment on the funding total but confirmed it had raised more financing "in that range."
"We have the funds now to get through the crisis and to be strategic enough to get stronger," said co-founder and CEO Rafael Museri.
Before this financing, Selina had raised $225 million in venture equity funding from investors such as Access Industries, Grupo Wiese, and Colony Latam Partners. It had also secured more than $300 million for a real estate investment fund.
"We have had some country-level real estate fundraising in specific geographics," Museri said. The company plans to continue opening properties, such as its first one in London later this year, sources said.
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