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Velocity Ventures, a venture
capital firm headquartered in Singapore with a focus on the hospitality and travel industry in Southeast Asia, has announced a strategic investment in ByHours,
a global booking platform for microstays boasting partnerships with over 4,000
hotels. The investment also facilitates ByHours’ expansion into the burgeoning
Asian market.
The firm invests particularly in early to growth stage
tech-enabled companies across five verticals: travel services, transportation, accommodation,
food and beverage and experiences.
This move follows Velocity Venture’s recent investment with Korean start-up Tripbtoz,
part of its focus on innovative tech startups in the region.
One of the key features of ByHours is its flexibility, enabling
guests to adopt a “pay per use” model with a 24-hour check-in window. This
offering focuses on travelers looking for short stays, quick rests or layovers
without the necessity of an overnight stay.
ByHours has established microstay partnerships across 25
countries, collaborating with a range of hotels, including independent 3-, 4-
and 5-star establishments, as well as major industry players such as Hyatt,
Sheraton, Crowne Plaza, Best Western, Accor Hotels and NH Hotels. Beyond room
bookings, ByHours’ microstay guests enjoy full access to hotel facilities,
enhancing their experience with amenities like gyms and pools.
For hotels, partnering with ByHours provides an additional
revenue stream, allowing them to set rates aligned with their offerings and
optimizing yield management. Guillermo Gaspart, CEO and co-founder of ByHours, outlines their expansion strategy, prioritizing collaboration with travel
agencies, corporations and online travel agencies to establish
symbiotic relationships as a bed-bank for microstays.
Bennett Lee, partner and investment director at Velocity
Ventures, notes that ByHours presents a strategic proposition by allowing
hoteliers to reduce operating costs by reselling rooms after microstay guests
check out. The rising demand for microstays, particularly the unique three-hour
pack, indicates a trend in consumer expectations in the hospitality sector.
ByHours has already garnered more than 300,000 users and sold
over a million hotel hours, generating over €20 million in turnover. The
company has 30 employees across offices in Spain and Mexico. In addition to
Velocity Ventures, ByHours had previously raised €12 million with
investors such as Angel Ventures, DILA Capital and Howzat Partners.
*This
article originally appeared in WebinTravel.
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