Bridges Ventures is backing Qbic Hotel London, marking the second time it has made a commitment from its £125 million Bridges Sustainable Growth Fund III.
The budget boutique hotel business is located in London’s Whitechapel and provides what it calls ‘pre-fabricated bedrooms’ in an old office building which has been converted ‘quickly, efficiently and with very little environment impact’.
The hotel is looking to recruit 50 per cent of its staff locally and partner with charities including Food Cycle and Bike Works.
With investment secured, Qbic Hotel is planning to roll out its concept to other locations in the UK and London.
Paul Ripkens, concept developer at Qbic, comments, ‘Finding an investor with the ethos of Bridges Ventures is not something that happens every day.
‘We are really looking forward to learning more from them and working together to grow this great concept into a strong brand with character.’
The fund Bridges Ventures has backed Qbic through focuses on ‘consumer champion businesses’ in underserved markets, or companies building ‘economic dynamism in under-invested areas’. A previous example of one of its ‘consumer champion’ investments is The Gym, which has created low-cost gyms in the UK.
More on Bridges Ventures deals:
- Bridges supports Tech City firm cloud.IQ
- Bridges Ventures cleans up with Pure Washrooms
- Management team of Whelan Refining buys back stake
Bridges Ventures has previous in backing hotel businesses such as The Hoxton Hotel, which it exited last year and secured a 47 per cent and 9x multiple for investors.
Anne-Marie Harris, partner at Bridges Sustainable Growth Funds, says, ‘Qbic is an exciting new addition to London’s hotel scene.
‘Together we hope to build up a business with great potential to succeed both commercially and by creating positive impact on local communities.’