Selfbook, a business that provides hotel payment software, revealed today that it had raised $25 million in a Series A round of funding headed by Tiger Global Management.
Valia Ventures, Fin Venture Capital, early Stripe employee turned investor Lachy Groom, and “strategic” angel investors all took part in the fundraise, which valued the company at $125 million and netted $30 million. According to Khalid Meniri, co-founder and CEO of Selfbook, the valuation marks a nearly “16x” rise over the company’s valuation when it obtained a $2 million seed round last quarter. Better Tomorrow Ventures, Abstract Ventures, TenOneTen Ventures, and 9Yards Capital participated in this latest “super pro-rata round.”
When was Selfbook established?
Selfbook, formed in September 2020 as a transition from a consumer travel app to a B2B enterprise, bills itself as the “Shopify for travel” and promises to be at the intersection of hospitality and fintech. According to Meniri, hotels may apply its technology “with a single line of code” to improve their booking experience directly on their existing reservation systems.
Selfbook began with one hotel in April and has now inked contracts representing approximately 90 hotels, 15 of which have gone live. Customers include Le Pigalle in Paris, Eden Rock St. Barths, and The LINE’s outposts in Los Angeles, Austin, Texas, and Washington, D.C. Selfbook’s primary markets are the United States and the European Union.
Selfbook users who utilize single sign-on and digital wallets have increased “10x” in the last six months, according to the startup. Furthermore, 67% of bookings were made using mobile digital wallets.
Selfbook says its software is the only hotel payment solution that accepts digital wallets such as Apple Pay, Google Pay, PayPal, and buy now, pay later. It also gets standard debit and credit card payments. Meniri claims that Selfbook’s software enables direct booking links and clever merchandising in addition to “one-click” payment.
Furthermore, the platform may combine numerous services like restaurant bookings, spa appointments, and activities into a “one payment flow.” According to the firm, this can result in more upsells for hotels and, as a result, increased income.
How many employees are working in Selfbook?
Selfbook now has 50 full-time workers, up from four at the beginning of the year. It intends to use its fresh funds to increase hiring while also growing ties with fintech partners and existing hospitality systems.
As previously stated, Selfbook was a B2C company that allowed hotel guests to book reservations at over 3,000 hotels through its SIX Travel app. After realizing there were no API partners on the market with a simple hotel booking function, the company developed its “contemporary” transaction software to support those bookings.
“When the epidemic struck, we wanted to democratize our unique payment and processing system and enhance the direct hotel reservation experience for everyone,” Meniri said. “We rebranded as Selfbook to offer our payment option directly to hotels” to assist the hotel business in recovering more quickly from the pandemic’s negative impacts.
Selfbook, according to Tiger Global partner Alex Cook, is not only modernizing the hotel booking experience, but it can also raise conversion for hotel operators while improving the booking experience for customers.
Selfbook, according to investor Groom, the former director of Stripe issuing, intends to alleviate a real pain issue.
“Anyone who has booked a hotel online understands how horrible the payment situation in hospitality is,” he added in a statement. “Selfbook is a joy to use and represents the future.”
Side note: After reserving a hotel through a third-party source earlier this year and having a horrific experience, I can comprehend the necessity for this type of technology. It astounded me how hard it was. So I’m all for anything that makes booking directly with a hotel more convenient and secure.
Citcon, a mobile wallet payment company, raised $30 million in a Series C round headed by Norwest Venture Partners and Cota Capital last week.
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