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Contxto -The emerging luxury hospitality startup, Casai, has received a round worth US$48 million, becoming the largest Series A raised by a Mexican company and one of the largest in Latin America. That funding will be divided into US$23 million in equity funding while US$25 million will be in debt financing from Andreessen Horowitz, a venture capital firm.
“This is an exciting moment for the Mexican venture community, and we want to do our part to celebrate the diverse array of talent that surrounds us,” said Nico Barawid, Casai co-Founder and CEO.
Casai is launching around 200 housing units—apartments, that is—in Mexico City hoping to build a new type of hospitality in Latin American that focuses on luxurious amenities, beautiful design, and smart technology.
Casai hospitality gets smart
Incorporation of technology into its products is very important for Casai. To this end, the company is looking to innovate by equipping each property with smart hardware that connects the spaces through the app, accessing keyless check ins, and controlling other utilities like the lights, TV and Google Home.
Technology is also used in other tangential activities that the company carries out, like logistics and the behind the scenes jobs, like choosing the units.
Investing in the experience
Casai’s team is really hands on, as they do careful scouting of the units and ensure they can provide all the premium utilities and services.
In addition, the company is not only about giving you a place to stay but also promoting local artists’ paintings and furniture, which are available for the guest to purchase. Also, they have concierge services that can help with the local experience with activities and restaurant reservations.
Looking to the future of Casai
Before Covid, according to the World Travel and Tourism Council, Latin America was seen as the fourth most important touristic region in the world .
Moreover, tourism has become one of the most important contributors to economic development, job creation and even environmental protection by providing US$348.7 billion dollars to respective GDPs and has also increased a 7 percent in tourism according to the World Tourism Organization (WTO).
For Casai this is an opportunity to face the competition because, even though there are established companies who are dominating the market, there are still needs to be fulfilled and innovation to come.