London, UK; 2nd December 2022: AltoVita, the award-winning global corporate accommodation platform, whose customers include Hewlett Packard Enterprises, Google and US government agencies, today announced it has secured $9.5M in an oversubscribed Series A investment round.
The investment, 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 thousand locations by the end of 2023.
AltoVita has secured investment in a market which has seen less than 2% VC funding in 2022 going to businesses led by women. Its mission is to deliver smart, safe and sustainable living for employees anywhere in the world.
Vivi Cahyadi Himmel, CEO and co-founder at AltoVita, commented: “AltoVita is setting a new standard with a fresh, 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 already seen firsthand 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 globally. 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 as well as hospitality growth, business development and customer success.”
Founded in 2018 by Vivi Cahyadi Himmel and Karolina Saviova, who have lived in over 20 cities between them, the company 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 AltoVita 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 technology 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 proprietary 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.
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.”
“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,” said Miguel Nigorra, Partner and Head of the Europe Team at Fifth Wall. “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.”
The news comes as AltoVita prepares for its 3rd Annual Global Corporate Home Awards. The in-person awards ceremony will take place on the 1st of December at the prestigious Tate Modern in London. Speakers include Kerwin Guillermo, Global Head of Employee Mobility at Hewlett Packard Enterprises, Michael Craske, Global Mobility Transformation at KPMG, Walter Gubert, Former Vice Chairman of JP Morgan and Ryan Taylor, Travel Category Manager at SMBC.
ENDS
About AltoVita
AltoVita powers the corporate accommodations sector with enterprise software layered with a human-centric approach, providing every traveller with exactly what they need.
AltoVita’s award-winning technology creates a cloud-based bridge between the highly fragmented property distribution system and Global 2000 companies, SMEs, and business travellers, reducing the legacy 48-to-72-hour bidding process down to a few minutes. The fully customisable platform provides instant access to a diverse network of 1 million+ housing options worldwide – including serviced apartments, professionally managed homes, aparthotels, and co-living – with the ability to sort by desired amenities, pet friendliness, sustainability scores, and more. All properties are fully vetted and verified to provide duty of care and compliance, backed by our extensive Four-Tier Quality Control system.
AltoVita’s fast-growing global footprint currently spans 165 countries and 1,553 cities. They are headquartered in London, with regional offices in Singapore and Dallas, TX.
About Novum Capital Partners
Novum Capital Partners is a Multi Family office based in Geneva. With assets in excess of 2.5 bln AUM, we work closely with 20 ultra-high-net-worth (UHNW) families across Europe.
Novum Capital Partners was founded with one key objective: to provide UHNW families with peace of mind.
Our partners shared a vision to build a financial services firm that is completely independent from banks, provides trusted advice for a limited number of clients based on a holistic understanding of their needs and wealth – and offers services that go far beyond the one of a traditional multi-family office.
Whether our clients are looking to secure the most efficient terms to refinance their assets, or require a bespoke portfolio to help them achieve their long-term investment objectives, or even need advice for estate planning, our commitment is to help our clients simplify their lives and make it easier for them to achieve their family goals.
Novum is a member of the Association Romande des Intermédiaires Financiers (ARIF). ARIF is a self-regulating body approved by the Swiss Financial Market Supervisory Authority (FINMA) for the supervision of the financial intermediaries referred to in article 2 para. 3 of the Swiss Federal Law on combating money laundering and terrorism financing in the financial sector (AMLA). ARIF is also recognized by FINMA as a professional organization for laying down rules of conduct relating to the practice of the profession of independent asset manager within the meaning of the Swiss Federal Act on collective investment schemes.
About Fifth Wall
Founded in 2016, Fifth Wall, a Certified B Corporation, is the largest venture capital firm focused on technology for the global real estate industry. With approximately $3.2 billion in commitments and capital under management, Fifth Wall connects many of the world’s largest owners and operators of real estate with the entrepreneurs who are redefining the future of the Built World. Fifth Wall is backed by a global mix of more than 100 strategic limited partners (LPs) from more than 15 countries, including BNP Paribas Real Estate, British Land, CBRE, Cushman & Wakefield, Hilton, Host Hotels & Resorts, Ivanhoé Cambridge, Kimco Realty Corporation, Lennar, Lowe’s Home Improvement, Marriott International, MetLife Investment Management, MGM Resorts, Related Companies, Starwood Capital, Toll Brothers, and others. Fifth Wall believes this consortium represents one of the largest groups of potential partners in the global Built World ecosystem, which can result in transformational investments and collaborations with promising portfolio companies. For more information about Fifth Wall, its LPs, and portfolio, visit www.fifthwall.com.
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CommsCo
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