The Guild secures $17.1m in equity and securities options

US: Austin-based hospitality startup The Guild, which operates upscale apartments as tech-enabled hotel suites suitable for short-term business and leisure travellers, has raised $17.1 million in equity and securities options from a reported 91 investors.

The company reported raising an undisclosed amount in funding from venture debt firm Eastward Capital Partners, although the figures were revealed in a filing with the US Securities and Exchange Commission on 23 March. The investment will include converting the debt to equity and issuing shares and a warrant, according to the filing from last month.

Co-founded in 2016 by boutique hotel developer Brian Carrico and business partner Chris Herndon, The Guild claims to offer an experience akin to hotels, with concierge systems in place and housekeeping services available. Guests can also access a number of facilities such as pools and gyms and amenities including high-speed wifi, kitchens, washers and dryers, to match the needs of business travellers on the move.

The company manages around 800 units in cities such as Austin, Cincinnati, Dallas, Denver, Miami and Nashville, and was planning to expand in six more markets by 2021, prior to the Covid-19 outbreak.

Prior to its latest round of funding, The Guild had secured $25 million in a Series B funding round last January and picked up $8.5 million in investment in 2018 to fuel its domestic expansion plans. Venture capital firms including Maveron, Convivialite Ventures, ATX Venture Partners, Nicol Investment Group and RXR Realty have previously invested in the startup.

To date, The Guild has raised $36.5 million in funding, according to Crunchbase.