[Funding alert] DIG Investment Founder Martin HP Söderström invests in OYO; joins board of European biz
Martin, who joined on the board of OYO's European Vacation Homes business, will also be buying shares worth an undisclosed amount in the parent company.
OYO on Monday announced that Martin HP Söderström has joined the company’s Board of its European Vacation Homes business (OVH) as a non-executive Director. As part of this, Martin will be buying shares worth an undisclosed amount in the parent company.
Martin will work closely with the top management of OYO to drive continued and sustainable growth in the company, provide guidance on potential M&A opportunities, assist the startup in building deep strategic partnerships with other leading EU-based companies, and lay-out its brand positioning strategy as a thought leader in the vacation rental space, OYO said in a statement.
Speaking on the development, Ritesh Agarwal, Founder and Group CEO, OYO Hotels and Homes, said,
“For OYO, its customers and homeowners in the EU region, especially in the Nordics, hold immense strategic importance. Given Martin’s deep understanding of the region and strong business acumen, I am elated to welcome him as an investor and a fellow Board member at OYO Europe."
He added that he has a proven track record of investing and growing tech-focused businesses in India and globally with immense knowledge about the Asian and global entrepreneurial and investment ecosystem.
"We are positive that his deep experience in M&As and working with high-growth companies will add a lot of value to our growth journey in Europe, both organic and inorganic, and support us in our long-term goal of an IPO," he added.
Martin is the Chairman of DIG Investment, a private investment office focused on direct investments in the global alternatives market, which he founded in 2011. Its primary area of investments is in tech-related companies in the growth to pre-IPO phase. Today, DIG Investment has a portfolio in Asia, Europe, and the US within consumer brands, shared economies, retail, and hospitality.
Martin was born in Thailand and is a native of Sweden, where he studied economics and law. He comes with a strong background in banking, specifically corporate finance advisory and strategic M&As, and deep expertise in the private banking, and family office market.
OYO said its vacation homes business has gone from niche to mainstream within just one year, and therefore, has become a critical part of the company’s global business. In recent months, an additional 3,400 homeowners throughout Europe have joined the company, adding more than 5,000 homes to the current portfolio of the startup.
Apart from Martin, OYO had earlier appointed Troy Alstead, former COO Starbucks; Gerardo Issac (Gerry) Lopez, Operating Partner at SoftBank Vision Fund; Betsy Atkins, CEO and Founder of Baja Corporation, and Dr W Steve Albrecht as the members of OYO’s global Board.
Edited by Suman Singh