Lyric pulls in $160 mln Series B


Lyric, a tech-enabled real estate and hospitality company, has raised $160 million in Series B funding. Airbnb led the round with participation from other investors that included Tishman Speyer, RXR Realty, Obvious Ventures, SineWave, New Enterprise Associates, SignalFire, FifthWall and Tusk Ventures.

PRESS RELEASE

San Francisco, Calif. – April 17, 2019 –Lyric™, a technology-enabled real estate and hospitality company that designs, installs and operates a new class of flexible accommodations for the modern traveler, today announced $160M in Series B financing, led by Airbnb, with new investors Tishman Speyer, RXR Realty, Obvious Ventures, SineWave, Dick Costolo and Adam Bain, and other strategic real estate partners. The round also includes participation from existing investors Barry Sternlicht, NEA, SignalFire, FifthWall and Tusk Ventures, along with new debt financing.

This brings the company’s total funds raised to $185M.

This financing will allow Lyric to continue to expand its operations and support Lyric’s continued investment in its proprietary technology and data platform, enabling the company to serve as a best-in-class operator, provide seamless experiences for its guests, and partner with real estate developers to develop the next generation of multifamily buildings.

“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,” said Andrew Kitchell, co-founder and CEO of Lyric.

“When people search for beautiful spaces or experiences, what they’re really looking for is a connection to a local community. From the music and artwork we hand-select, to the wallpaper we curate, our job is to be a storyteller for that community or building, and to help guests feel like they are a part of it.”

Lyric’s Creative Suites cater to professionals looking for both short-term and long-term stays, from one night to over 200 nights. Lyric’s in-house design team carefully curates each suite to combine the productivity of a workspace, the inspiration of an artistic studio, and the amenities of a luxury hotel, along with a deep connection to the community through partnerships with local businesses and makers, in service of celebrating the diversity of each destination.

All of the suites are powered by Lyric’s unique, proprietary software and data platform used to secure optimal site location, manage revenue, provide a frictionless experience for the guest, as well as maintain safe, clean and consistent suites through automated background checks and digital access.

“At Airbnb, we have seen how hospitality entrepreneurs like the team at Lyric can help deliver amazing experiences and help guests feel like they can belong anywhere in the world,” said Airbnb President of Homes Greg Greeley. “Lyric has combined the latest technology, strong partnerships with the real estate community and cutting-edge design, and we are excited to support their work.”

“Lyric resides at the crucial intersection of hospitality and real estate,” said Rob Speyer, President and CEO of Tishman Speyer. “We were attracted to its pioneering technology and superior customer service, which we value tremendously in our own business.”

Lyric partners with 20 of the top 50 multifamily owners, managers, and developers in the country on the National Multifamily Housing Council’s (NMHC) “Top 50” list. Additionally, in the last three weeks, Lyric has won three nationwide exclusives, with many more in the works. Working with Lyric provides owners economic advantages by offering a professional, end-to-end experience built for the future of real estate and the changing shape of the modern traveler and resident.

For additional details, please visit www.lyric.com.

About Lyric
At Lyric, we design spaces and experiences to empower a more creative and connected world. Our premium and purposeful Creative Suites™ – set within inspired buildings in the most exciting neighborhoods in the country – combine the productivity of a workspace, the inspiration of an artistic studio, and the amenities of a luxury hotel. Whether you stay one or 200 nights, we’re building a network of spaces that make you feel at home everywhere. Our focus is on flexibility, purpose and community to help you unlock possible.