US: At Mine Hospitality, a Miami-based hotel management company, has raised $6 million from Enduring Ventures.
Founded in January 2021 by Samuel Raccah and Matteo Soldatini, At Mine Hospitality and its subsidiaries operate 250 units across locations in Miami, Fort Lauderdale, Key West, and San Diego. The company aims to offer guests an experience that blurs the line between hotel and Airbnb, and so far has hosted more than 30,000 guests.
With the $6 million capital funding from Enduring Ventures, At Mine Hospitality plans to acquire and operate Airbnb hotels and expand its portfolio to 1,000 units by 2024. The executive team at Enduring Ventures will join At Mine Hospitality to achieve this goal.
The group’s current portfolio includes the 29-room Julia Hotel and 32-room St Augustine Hotel in Miami Beach, the 39-room Deco Boutique Hotel in Fort Lauderdale, and the 22-room Treehouse Hotel in Miami.
In its first year, At Mine Hospitality generated $2 million in profits and is on track to exceed $3 million in profits this year. It has achieved a 78 per cent GOP to revenue ratio and maintains a review score of 4.94/5 from over 11,000 reviews.
Raccah, At Mine Hospitality managing partner, said: “My co-founders and I are pleased to announce this raise, backed by incredible performance in 2021 with over $2 million in profits at year one and more than 400 per cent growth year-over-year in 2022. We found Enduring Ventures to be the ideal partner, a VC fund obsessed with profitability and disciplined growth the same way we are.”