Co-living firm raises $55m to boost growth in Asia

Co-living firm raises $55m to boost growth in Asia

Singapore-based co-living company Hmlet has raised US$40 million (S$54.6 million) in a Series B financing round that will fund its continued expansion across the region, it said yesterday.

The round was led by Burda Principal Investments, with participation from existing investor Sequoia India and new investors Mitsubishi Estate Co, Reinventure Group and angel investors.

The funds will boost Hmlet’s growth in the Singapore, Hong Kong and Sydney markets and bolster its plans for launches in Melbourne, Brisbane and Tokyo.

It has also opened its 150-room property in the Tanjong Pagar/ Cantonment Downtown CBD (Central Business District) precinct, which is its largest co-living building. The rooms will operate as serviced apartments.

Hmlet, which was founded in 2016, raised US$6.5 million in a Series A funding last November and US$1.5 million in a 2017 seed round.

It manages around 1,500 rooms and is looking to “build a network that spans 10 cities in five countries within the next two years”, the firm said.

“When we launched Hmlet, we wanted to create a better way of living for an increasingly mobile workforce, who want a sense of home and community in whichever country they choose to live in,” said chief executive Yoan Kamalski.

Burda Principal Investments has also invested in Singapore-based fashion e-commerce platform Zilingo and Malaysian car-selling site Carsome. The firm, which opened here in 2017, is the growth capital arm of German-based Hubert Burda Media.

Source/credits to:

https://www.straitstimes.com/business/property/co-living-firm-raises-55m-to-boost-growth-in-asia