One Night Announces Series A Funding Led By SWaN & Legend
NEW YORK--(BUSINESS WIRE)--Feb 26, 2019--One Night, a last-minute distribution platform for independent hotels, today secured Series A funding led by consumer venture capital firm, SWaN & Legend. One Night was founded and incubated by Standard International, operators of The Standard Hotels and pioneers of lifestyle hospitality. The Standard becomes the first hotel operating group to incubate and launch a hotel distribution company backed by a major venture partner.
Led by Amar Lalvani, Standard International’s CEO, and Jimmy Suh, Standard International’s Chief Commercial Officer, One Night launched in late 2016 and has grown to 17 markets, including London and Bangkok. The mobile app features a highly curated list of over 200 independent hotels, catering to the spontaneous traveler who is unwilling to sacrifice great experience and value for last-minute stays.
With SWaN and Legend’s investment, One Night will spin off from Standard International with Jimmy Suh leading One Night’s operations.
“With SWaN’s investment, we are in a great position to accelerate the growth of the One Night app and help both our hotel partners and travelers, alike, realize greater benefits. With the funding, we also will be launching a new distribution channel later this year that is poised to disrupt traditional Online Travel Agencies and set the stage for the next generation of travel agents”, said Suh.
David Strasser, Managing Director of SWaN, commented, “One Night was founded with a vision of creating a better marketplace for travel and experiences across the world. We are looking forward to partnering with the One Night team, a group with strong industry expertise and a passion for eliminating the friction between hotels, OTA’s, and consumers by providing a better experience and value for all. We are excited by the progress the team has made in creating a differentiated experience and look forward to supporting Jimmy and his team as they build a disruptive new travel platform.”
About One Night:
Launched in 2016, One Night is a same-day hotel booking app operating in 17 cities with a curated list of over 200 experientially driven hotels. Each and every hotel on the app has been hand-selected for having the most unique experiences in their city. The best part about booking last-minute? Our users get the best rates. Incubated by The Standard hotels, the most powerful brand in the boutique hotel industry, One Night was created to be the most trusted distribution channel for both hotels and travelers alike. By the end of 2019, the app will be in 30 cities with over 300 hotels and in its next iteration, One Night Inc. plans to capitalize on its growing network of hotel partners and customers to launch a new distribution channel that will produce the next generation of travel agents. www.onenight.com
About SWaN & Legend Venture Partners:
Founded in 2012, SWaN & Legend Venture Partners is a multi-stage venture capital firm that invests in companies that are building engaging brands worthy of consumers’ passions in the fields of retail products and services; technology-enabled commerce and education; food and hospitality; sports and entertainment; and health and wellness. SWaN works closely with partners to invest in innovative early and growth-stage organizations headed by top-flight teams. They seek to be active and influential in the companies in which they invest, providing guidance, support, resources, and confidence to the teams. Collectively, the partners have raised more than $5 billion of institutional financing and participated in more than 150 private investments. www.swanandlegend.com
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Executive Vice President, Communications
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: TECHNOLOGY SOFTWARE TRAVEL LODGING MOBILE/WIRELESS PROFESSIONAL SERVICES FINANCE
SOURCE: One Night
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PUB: 02/26/2019 10:50 AM/DISC: 02/26/2019 10:50 AM