The firm had previously raised a total of €22.5 million
Bob W bags €40 million in Series B funding
Tech-powered hospitality operator Bob W has announced it has secured €40 million in a Series B funding round.
The round was led by Finnish venture capital company Evli Growth Partnership and joined by growth capital investors and European entrepreneurs, Taavet+Sten, the investment firm of Wise’s founder Taavet Hinrikus and Sten Tamkivi; Flashpoint, and Supercell’s co-founder Mikko Kodisoja along with existing investors.
This financial investment will power the Bob W brand to further develop its technology, and support fast-paced growth throughout Europe, where it currently operates "design-led, sustainably-focused, full-service aparthotels" in 10 countries and 17 cities.
Each Bob W apartment incorporates its own bespoke local design and technology that give guests the Best of Both Worlds that the brand says adds "the consistency and quality of a lifestyle hotel and the local authenticity and amenities of an actual home".
This is the largest investment to date for the startup, founded in 2018, which had previously raised a total of €22.5 million.
Niko Karstikko, co-founder and CEO, said: “There is a surging demand for locally rooted, seamless travel experiences that technology enables.
"Yet, the short-term rental sector has had a shortage of standards and professional operators who can offer both local authenticity, hotel-grade quality, and tech to elevate the experience. At Bob W, we are leading this category.
“Our growth and market-leading customer satisfaction prove that we are heading in the right direction. With support from our investors, we're eager and well-prepared to enter into a new phase of our company's growth and expand the Bob W travel experience across Europe.
“Despite the challenging times in the capital markets, this investment is proof that top-performing companies continue to attract funding. We are thrilled to have these top-tier investors backing us, many of whom are successful entrepreneurs themselves and crucially, our happy customers."
He added: "This funding enables us to further develop our technology, recruit top talent, and reinforce Bob W as Europe's most loved hospitality brand.”
Bob W’s proprietary tech and apps provide a seamless digital front desk experience that is backed by robust digital customer service and other fail safes, so guests always feel looked after. Super-early check-ins or late check-outs can be instantly and automatically guaranteed based on live availability. The mainly chat-based perfect host ‘Bob W’ has been designed to make guests feel like they’re receiving the best customer service with a human touch, despite minimal staff on site. On top of a smooth online experience, Bob W’s ‘marketplace’ connects guests to local breakfast spots, gyms, facilities, and a host of digital products to ensure a truly local experience.
Mikael Hed, growth partner of Evli Growth Partners, said: "The hospitality industry needs bold disruptors like Bob W.
"The team is a pioneer in the new hybrid hospitality category, offering authentic, seamless travel experiences enabled by cutting-edge technology.
"Bob W's growth demonstrates the team's unique understanding of customer needs. We are excited to support the team in their next growth phase.”