Excerpt from Venturebeat
Late last year, The Information reported that Airbnb was going to invest around $75 million in AJJK-owned Lyric (formerly Parallel), a San Francisco service that leases apartment units and floors, refurbishes them, and transforms them into hotel-like properties for business travelers. It would seem its sources were well-informed: Lyric today confirmed that it’s raised $160 million in series B financing and debt financing led by none other than Airbnb, with participation from a slew of investors including Tishman Speyer, RXR Realty, Obvious Ventures, SineWave, former Twitter CEO Dick Costolo and former Twitter COO Adam Bain, Starwood Capital Group cofounder and chairman Barry Sternlicht, NEA, SignalFire, FifthWall, and Tusk Ventures.
The fresh capital brings Lyric’s total raised to $185 million, following a $15.5 million series A round in February 2018, and will be used to expand its operations and support the buildout of its technology and data platform, said CEO and cofounder Andrew Kitchell. “We’re incredibly excited to have Airbnb, the company that reinvented how we travel, along with renowned real estate partners and elite investors believing in us at Lyric to create a new category of accommodations for the modern traveler.”
Lyric, which launched in 2014, caters its spaces - which it calls Creative Suites - to professionals seeking accommodations for between 2 and 200 days on Airbnb, HomeAway, Booking.com, and other hospitality marketplaces. It partners with local landlords and businesses (including 20 of the National Multifamily Housing Council’s top 50 developers) to build out properties and curate art, music, and coffee programs, and it facilitates site management through a dashboard and backend that secures each location, manages revenue, handles guest registration, and automates background checks and digital access.
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