Hospitality startup Anyplace has experienced a significant increase in valuation following its transition to an operator model. The company, which originally operated as a marketplace for booking hotels and long-term rentals, shifted its focus to Anyplace Select, a service that offers furnished apartments with fully-equipped home offices for remote workers and corporate travelers. This move has proven to be fruitful for the company, with its annual revenue run rate reaching $6 million in August 2022, six times higher than the previous year. Anyplace aims to achieve $10 million in annual revenue by early 2024.
Key Takeaway
Hospitality startup Anyplace almost doubled its valuation following its transition to an operator model, focusing on providing fully-equipped apartments for remote workers and corporate travelers.
Raising Capital and Investor Support
To support its growth and revenue targets, Anyplace has successfully secured $8.27 million in Series B funding. Notably, Jason Calacanis’ LAUNCH Fund led the investment, with Michael Savino, the president of the LAUNCH Fund, joining Anyplace’s board as part of the funding round. Other participants in the funding include CapitalX, Gaingels, Riverside Ventures, Potluck Ventures, MSIVC, FreakOut Shinsei Fund, Delight Ventures, as well as influential individual backers. Additionally, Anyplace obtained $2 million in debt from Silicon Valley Bank. The valuation of the company, which currently employs 30 individuals, has nearly doubled since its previous funding round.
Unique Approach and Growth Strategy
Anyplace distinguishes itself from competitors such as Airbnb by primarily offering longer-term rentals, attracting customers who prefer a more extended stay. Interestingly, approximately 50% of Anyplace’s customers originate from Airbnb and similar platforms. Rather than directly owning properties, Anyplace leases unfurnished spaces in bulk from established real estate companies like Greystar, Avalon Bay, and UDR. These spaces are then furnished and equipped with home office amenities and high-speed internet to cater to remote workers. Anyplace applies a markup, typically around 50%, on top of the market and list prices of these spaces.
Despite the gradual return to office work, Anyplace remains confident in its target audience of digital nomads. The company believes that remote work will continue to be a prevalent option for many companies, and the pandemic has shifted the way people approach business trips. Anyplace plans to expand its presence to additional markets, including Miami, Boston, Austin, and Seattle, in the coming quarter. Furthermore, the company aims to enhance customer experience by offering personalized and localized services, such as providing coffee beans from local shops and recommending nearby amenities like grocery stores and yoga studios. Anyplace also plans to collaborate with furniture brands to offer clients the option to purchase the furniture or office setups featured in its units.
By capitalizing on the growing demand for work-friendly accommodations among remote workers and corporate travelers, Anyplace has successfully positioned itself as a leader in the industry. With its recent funding round and strategic growth plans, Anyplace is well-equipped to continue its expansion and innovation within the rapidly evolving landscape of remote work.
