Airbnb leads $160 million investment in Lyric, a short-term rental startup for business travelers with a compliance-first approach to market expansion
Lyric, a short-term rental startup with highly curated spaces designed for business travelers, raised $160 million in Series B funding led by Airbnb.
Airbnb led the round, and other participants include a who's who of tech and real estate investors, including Tishman Speyer, RXR Realty, Obvious Ventures, SineWave, former Twitter CEO Dick Costolo, former Twitter COO Adam Bain, Starwood Capital Group CEO Barry Sternlicht, NEA, SignalFire, FifthWall and Tusk Ventures.
"The idea that short term rentals are just for backpackers and bachelor parties is wrong," said Kitchell."And, actually, business travelers are increasingly looking for spaces like this and we can develop and maintain them." "Traditionally the tech world and the real estate world have not gone hand in hand and that's been something we've been working really hard the last 3 years to kinda show how it could be done right," said Joe Fraiman, president and cofounder of Lyric."We want to show how we could be a great partner to real estate teams while still providing fantastic supply to the short term rental ecosystem while doing it in a totally compliant way.
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