Skift Take
The pledged capital injection from Global University Systems, a long-time player in for-profit education, is tiny. But its for-profit discipline is what Selina needs. In that vein, Selina will cut up to 350 jobs.
Selina, a hotel and experiences brand focused on youth travelers, said on Tuesday it had cut a deal for a strategic investment of up to $50 million led by Global University Systems (GUS), which runs for-profit universities.
"They [GUS] are coming in for a long-term play," said Rafael Museri, co-founder and CEO, in an interview with Skift. "They have more experience than us in how to build a successful operation in multiple countries, and we're touching the same target audience."
The extra capital starts with $10 million right away. That will help the balance sheet of Selina — a growth startup that has struggled to become profitable after going public last October.
On Tuesday, the company revealed it had suffered a net loss of $30.3 million on revenue of $54 million in the first quar