Flexible accommodations operator Kasa Living has closed a $70M Series C funding round led by Citi Ventures and FirstMark Capital.
Other new investors include New York Life Ventures and Fireside Investments, while previous investors RET Ventures, Zigg Capital and Ribbit Capital also retained an interest in the business.
Kasa, founded in 2016, offers managed and curated apartments, hotels and homes powered by tech-enabled hospitality. The firm has circa 70 rentable units in 42 cities across the US.
The San Francisco-based startup says that the round was oversubscribed and was upsized twice.
Kasa's company LinkedIn profile says it "partners with owners of multifamily and boutique hospitality properties, transforming underutilized real estate into stylishly-furnished, professionally managed units that cater to business and leisure travellers seeking trustworthy and comfortable accommodations."
The company says that the round will allow it to "go on the offensive" to expand its property portfolio of investor-owned properties.
Roman Pedan, founder and CEO at Kasa, said:
"We stand at a watershed moment in the evolution of the hospitality industry. Owners are grappling with rising costs, while consumers crave a seamless, digital-first travel experience in desired locations.
“Kasa is bridging this gap, revolutionising the way owners and guests alike think about accommodations. Our model isn’t just an alternative; it’s the future."
Jeff Flynn, Head of Proptech Investing at Citi Ventures, said:
"Kasa’s proprietary operating system allows its real estate partners to adapt to changing resident and guest preferences while optimising for profitability, safety, and visibility across multiple asset types.
"We believe that Citi can be a valuable partner to Kasa and its real estate owners as they continue to expand their property footprint."
Meanwhile, Kasa has named industry veteran Jonathan Langer as a new member of the firm's board of directors. Langer has previous experience at board level with KKR Real Estate Finance Trust and Hilton Hotels & Resorts.