Sextant Stays has unveiled a new brand identity,u with the company changing its name to Roami. The hospitality company has also announced a $14 million Series A funding round.
The funding round was led by Vigo Capital, bringing Roami’s total funding to $29 million. Roami will use the funding to continue its expansion into local markets and beyond.
Recognizing that travelers roam the world differently than they did some years ago, the rebrand represents the new reality of travel, the company said.
Roami aims to provide a space designed for urban group travel. Roami’s rooms are six times bigger than the average hotel room. Each building is operated entirely by Roami, giving the brand creative control to design a tech-enabled guest experience.
“It’s been an incredible six years, and we are grateful for the success we’ve had, but there is much more to accomplish,” said Roami Founder & CEO Andreas King-Geovanis. “We’re living in the most iterative moment ever to exist in hospitality, and are among a handful of brands writing the future of travel. None of this would be possible without our extremely dedicated and talented co-workers who continuously set new standards for the industry.”
Founded in 2016 as Sextant Stays, the company was created from King-Geovanis’ belief that travelers should not be forced to choose between two imperfect options — expensive and cramped hotel rooms or unpredictable and inconsistent vacation rentals.
In the last three years, Roami has grown 800% despite being impacted by the pandemic. In 2022, the company collected more than $40 million.
The company has also acquired new buildings in existing markets, recently expanding to West Palm Beach, totaling its portfolio to more than 500 units across South Florida and New Orleans.
“It is great to celebrate our fundraise, but more importantly, we are celebrating what’s made this company successful,” said Roami CFO Iskander Karimov. “This is a business that should be funded by the guest, for the guest, and we are staying true to our belief: people, service, profits–in that order.”