This blog originally appeared at TechCrunch.
The hospitality startup, Anyplace, initially launched as a platform offering individuals the flexibility to book hotels or rentals for a minimum duration of 30 days at a wide range of locations.
Early in 2022, the company made a significant shift towards an operator model with the introduction of Anyplace Select. This specialized product is tailored to meet the needs of remote workers and corporate travelers, providing them the capability to work from any location. These locations are fully furnished apartments complete with a “fully equipped” home office. Consequently, the company ceased its marketplace operations in December 2022, redirecting its focus towards this innovative line of business.
The transition has demonstrated its strategic wisdom for the company. CEO and co-founder Satoru Steve Naito noted that the company’s revenue has increased sixfold since our last conversation with Naito in January 2022.
To accelerate its growth, Anyplace exclusively disclosed to TechCrunch today that it has secured $8.27 million in Series B funding. This follows its prior funding round in January 2022, where it raised $5.3 million in a Series A round led by GA Technologies.
The LAUNCH Fund, led by Jason Calacanis, significantly increased its investment by spearheading Anyplace’s most recent funding round. In tandem with this funding, Michael Savino, President of the LAUNCH Fund, has also joined the startup’s board. The round also witnessed participation from other investors, including CapitalX, Gaingels, Riverside Ventures, Potluck Ventures, MSIVC, FreakOut Shinsei Fund, Delight Ventures, and a cohort of prominent individual backers.
Anyplace also acquired $2 million in debt financing from Silicon Valley Bank.
Naito chose not to disclose the valuation of the 30-person company but mentioned that it had almost doubled since its Series A round.
At present, Anyplace oversees over 100 units across four cities: New York City, San Francisco, Los Angeles, and San Diego. The annual occupancy rates consistently range from 80% to 85%.
Naito explained to TechCrunch, “We’re pioneering a novel category of work-friendly accommodations.”
Anyplace generates revenue by leasing sizeable quantities of unfurnished spaces (typically five to ten units) from prominent real estate firms like Greystar, Avalon Bay, and UDR. Prior to subleasing, Anyplace outfits these spaces to be “work-ready” by providing furnishings and equipping them with home office amenities and high-speed internet, catering to the needs of remote workers.
Its markup varies based on market conditions and listing prices but generally hovers around 50%, as indicated by Naito.
Curiously, Anyplace doesn’t perceive itself as a direct rival to Airbnb, a platform typically associated with shorter-term rentals. In fact, approximately 50% of its client base originates from Airbnb or similar platforms. Additionally, the startup recently initiated the listing of its properties on Blueground, a furniture apartment management company that also runs a marketplace.
Although more individuals are resuming office work, Naito firmly believes that there is still a substantial population of “digital nomads” to sustain Anyplace’s business.
“Major tech companies tend to encourage a return to the office or adopt hybrid work arrangements. However, office vacancy rates in San Francisco, New York, and LA remain unusually high,” he stated. “I firmly believe that remote work is a permanent fixture for most companies. Furthermore, the pandemic has altered the way people conduct business trips – even post-pandemic. Travelers are embarking on longer journeys and maintaining a nomadic lifestyle, which generates a substantial market for us.”
“In the fourth quarter, the company is gearing up to enter fresh markets including Miami, Boston, Austin, and Seattle. Simultaneously, it is striving to enhance the customer experience by offering amenities such as locally sourced coffee beans and personalized, localized concierge services. These services encompass recommendations for nearby grocery stores and yoga studios, among other conveniences.”
Naito emphasized, “Anyplace stands apart from typical commodity-furnished apartment firms like Blueground, Zeus, or Landing. While those companies excel in expanding their operations, their customer experiences are becoming increasingly standardized.”
Going forward, Anyplace intends to provide clients with the choice to buy furniture or office setups in its units through partnerships with various brands.
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