LatamList – Selina, a hospitality startup, raised a $50M funding round for its Latin American hostels and hotels. The investment round consisted of $35M from IDB Invest, the investment arm of the Inter-American Development Bank Group, and a $15M loan from Blue Like An Orange Sustainable Capital.
Selina is a hospitality platform that upcycles existing resorts into vibrant resorts with co-working spaces and on-site entertainment, among other features. The platform advertises over 60 worldwide destinations where both foreigners and locals can stay, travel, and work indefinitely.
The platform also works closely with local communities to provide authentic tourist experiences and takes care of the local environment with outreach programs for visitors to take part in.
“Upcycling existing inventory into vibrant lodging concepts that feature co-working spaces and highly-amenitized entertainment areas, represents a different value proposition. The ability to attract foreigners and locals alike makes the concept unique and authentic, and contributed to our sustainable tourism development strategy for the region,” said Rogerio Basso, head of Tourism at IDB Invest.
Selina will use the new investment to establish its presence in Panama and further expand across the Caribbean and Latin America.
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