Selina Nabs Distant 12 months in Guess on Subscription Journey for Digital Nomads – Skift
Hotel startup Selina announced on Monday that it had acquired the Remote Year brand and customer base. The pandemic has thrown both companies sideways. The deal, however, offers Selina a new avenue into a promising segment of demand for its hotels and hostels in 19 countries that already include collaborative facilities.
The companies have not disclosed the terms of the all-stock deal. Remote Year, a Chicago-based program that allows employees to work in a different cosmopolitan city each month, raised $ 5 million last year and $ 17 million since its inception in 2015. The pandemic resulted in Remote Year ceasing to operate in mid-March. when it laid off about 50 people or the majority of its staff.
Selina, a Panama-based company that offers travelers co-working spaces, hostel-style accommodations, and activities, raised approximately $ 60 million in additional funding earlier this year, sources told Skift. The startup declined to comment on the total amount of funding, but previously announced that investors such as Access Industries, Grupo Wiese and Colony Latam Partners have raised $ 225 million in venture capital. It had also secured more than $ 300 million for a real estate mutual fund.
“At Selina, we have always supported flexible remote working models and believe they lead to increased productivity and reduced revenue for businesses,” said Rafael Museri, Selina Co-Founder and CEO.
Selina will continue to keep Remote Year as a brand that built a pre-pandemic business for digital nomads whose jobs allow them to “work from anywhere”. Selina will again focus on long-term stays and the offer of remote work, said Museri.
In a similar move, Selina launched some subscriptions in August that make it easier for remote workers to book longer stays in their homes.
With a subscription called the Nomad Passport, travelers can purchase 30-, 60-, or 90-night credit at discounted rates. Another, called Selina CoLive, enables digital nomads to stay in any Selina hotel for stays of one, three or six months. With a corporate program, companies can buy badges for their employees. Each plan includes a seat in the common area of each accommodation.
The move shows how many travel companies are testing subscription services.
The remote year does not yet have a schedule for resuming customer adoption. So far, 1-, 4-, 6-, and 12-month programs have been offered in a dozen cities, including Mexico City, Medellin, Lima, Santiago, Split, Lisbon, Valencia, Cape Town, Hanoi, Kuala Lumpur, Chiang Mai, and Kyoto. The program cost between $ 2,000 and $ 3,000 per month plus an initial payment.
Earlier this month, she signed an agreement with the University of California, Irvine Division of Continuing Education (DCE) to offer a specialized leadership studies certification program, where the university will provide a correspondence course curriculum under the direction of its instructors.
Note: Skift previously had a colleague do a Remote Year, which allowed her to get to know several cultures.
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Photo Credit: Remote Year program participants will speak to each other in a shared workspace in New Orleans in 2019. Selina earned Remote Year. Remote year