Evaluating only Selina’s profile at its peak — without knowing the outcome — the model ranked Unit economics as the #1 likely cause. That’s exactly how it died.
Key Events Timeline
FOUNDING
FUNDING
MILESTONE
CRISIS
SHUTDOWN
Full Analysis
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Documented cause
Selina built a global network of co-living/co-working spaces in travel destinations, targeting digital nomads with stylish hostels in Panama, Costa Rica, Colombia, Europe, and beyond. They raised $475M from Access Industries and SoftBank Japan, and SPAC-listed on NASDAQ in 2022. But hospitality unit economics are punishing: each property required massive renovation CapEx, had high fixed lease costs, and needed occupancy rates that marketing spend alone couldn't deliver. The SPAC listing revealed their financials to public scrutiny. By May 2023, Selina filed for bankruptcy.
Lesson
“Co-working/co-living hybrid spaces require either owned real estate or surgical lease negotiations — WeWork proved you can burn billions trying otherwise.”
Failure anatomy
Collapse type
Bankruptcy
📉 MEDIUM
Hype cycle
Peak
Moat type
Brand
Fatal mistake
Unit Economics
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