US: Miami-based property management company Sextant Stays has closed a $14 million Series A funding round and simultaneously rebranded as Roami.
The funding round was led by alternative investment firm VIGO Capital, bringing the brand’s total funding to date to $29 million. At the same time, Roami has added a former co-founder of Lyric and former founder and CEO of Stay Alfred to its advisory board.
The rebranding is not merely a name change, according to Roami, but the representation of a new reality of travel, whereby travellers are roaming the world differently than they did a few years ago.
Roami intends to shape the future of urban travel by providing a space that is purposefully designed for groups, and six times larger than a typical hotel room. Each building is operated entirely by Roami, giving the brand creative control over the guest experience in its mission to inspire human connection.
Andreas King-Geovanis, founder and CEO of Roami, said: “It’s been an incredible six years, and we are grateful for the success we’ve had, but there is much more to accomplish. We’re living in the most iterative moment ever to exist in hospitality, and are among a handful of brands writing the future of travel.
“None of this would be possible without our extremely dedicated and talented coworkers who continuously set new standards for the industry,” he added.
Despite various global crises affecting the hospitality segment, Roami has grown 800 per cent in the last three years. In 2022, the company also reported more than $40 million in revenue, and it is continuing to grow in 2023.
Roami COO Brandreth Canaley said: “We’re excited to introduce Roami as a brand built around what we’ve termed ‘predictive hospitality’. Throughout the customer journey, our technology is collecting the dots and connecting the dots to anticipate guests’ needs before they even know they have them.”
At the same time, Roami has acquired new buildings in existing markets and recently expanded to West Palm Beach, bringing its inventory to over 500 units across South Florida and New Orleans.
Roami says that it will use the funding to continue expansion across local markets and beyond.
Roami CFO Iskander Karimov said: “It is great to celebrate our fundraise, but more importantly, we are celebrating what’s made this company successful. This is a business that should be funded by the guest, for the guest, and we are staying true to our belief: people, service, profits–in that order.”
Founded in 2016, Roami [formerly Sextant Stays] was born from CEO Andreas King-Geovanis’ belief that travellers should not be forced to choose between two flawed options: cramped and expensive hotel rooms or inconsistent and unpredictable vacation rentals. By managing the entire building – not just a few floors or units – Roami seeks to provide a memorable stay without compromise.
VIGO Capital founder Kirill Vinogradov said: “We’re proud to support Roami as they re-imagine the way the world lives, works, and travels. The company’s consistent growth since 2020 despite volatile external conditions proves that they truly understand how to satisfy the needs of the modern Roamer and we’re looking forward to seeing their continued growth and expansion.”
