Hovelstay.com, which promises cheap eclectic lodging options, has secured $1.2 million in Series A funding. The raise was led by private investors from London and Dubai.
The Glendale startup said its listings, all of which are priced under $99, are targeted for college students. A verified “.edu” email address is required to register on the site and book a stay.
The site offers free listings to those looking to rent extra space in their homes. However, it charges “hovel hosts” a 3 percent fee when they book a guest and it charges students an additional 3 percent for processing.
“If it’s a dump, we would love to have it, and students are in on this kind of experience,” said Michael Bolger, chief executive and co-founder, in a statement. “It’s not just where you stay, it’s what happens when you stay there.”
Staff reporter Melissah Yang can be reached at [email protected]. Follow her on Twitter @MelissahYang for the latest in L.A. tech news.
