Selina CEO says USD 60M in funding will get startup through crisis
05/09/2020|5:54:11 PM|The Real Deal

Selina, a London-based hotel and co-working company backed by Adam Neumann, has reportedly raised some USD 60 million in financing.

Speaking with Skift, the publication that first reported the news, representatives for the Selina declined to clarify the exact amount, 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,” CEO Rafael Museri told the publication.

Founded in Panama in 2015, Selina operates more than 60 locations across the globe, but its U.S. launch has been rocky.

The Real Deal previously reported that its executives were for months unable to persuade investors to commit to a USD 500 million real estate investment fund to buy U.S. properties. It also fell short on targets, opening just two of more than a dozen Selina-branded locations slated to launch here last year. To cover its operational costs, executives had been trying to secure a USD 75 million convertible loan, internal documents show.

Internal documents from before the pandemic forecast the company would be profitable by 2022 and reach revenues of more than USD 2 billion by 2024 — projections that some would-be investors had balked at.

But Yoav Gery, Selina’s president, told TRD earlier this year that the company’s pitch was well received.

At the time, he said the company was in the process of securing a USD 60 million loan from the Inter-American Development Bank to fund growth projects in South America.

It’s unclear what the source of the latest USD 60 million raise was.

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