Casai, the tech-driven apartment rental company, is merging with Brazil-based rental company Nomah.
The companies claim the merger creates the biggest short-term rental company in Latin America with more than 3,000 units in Brazil and Mexico.
Investors Andreessen Horowitz, Loft and Monashees are investing additional, unspecified funding.
Andreessen Horowitz led an investment round of $48 million in Casai almost two years ago.
Loft Group acquired Nomah in 2020 and will retain a stake in the combined company.
Following the merger Casai’s co-founder and CEO Nico Barawid will lead the company as CEO, while Nomah’s founder and CEO, Thomas Guz, will become president.
Both companies are expected to keep their brands.
Guz said: “This is a beginning of a new momentum in which we will be able to double our capacity and improve our services to a better guest experience.”
Meanwhile Barawid described the merger as a “giant step forward” for the hospitality industry in Latin America.
Casai has made a number of acquisitions in the past year including Brazil-based Roomin in December 2021 and more recently the acquisition of smart-lock specialist Loopkey.