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Co-living operator secures $55 million Series B funding to accelerate growth across APAC

Singapore headquartered co-living operator Hmlet has raised $55 million in a Series B round, which will allow the company to accelerate expansion across Asia-Pacific and continue bridging gaps in demand for affordable, flexible and secure housing across the region.

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. This follows the company closing a Series A round of $9 million in November 2018, and $2 million seed round in 2017.

The fresh capital from Series B will allow Hmlet to expand its presence in gateway cities where housing is expensive across the company’s existing markets of Singapore, Hong Kong and Sydney. Plans for launch in Melbourne, Brisbane and Tokyo are also in the pipeline.

In Singapore, Hmlet is launching its largest facility on the island to date – a 150-room property at 150 Cantonment Road. The co-living spaces on Cantonment Road include communal kitchens, a wellness studio and an all-day, in-house cafe.

Shared spaces that facilitate the ease of interaction among members have always been a crucial design and architectural consideration for Hmlet.

Series B funding will also expand Hmlet’s presence in Australia, allowing them to further capitalise on the current conditions of the local property market

Hmlet CEO Yoan Kamalski said co-living is quickly emerging as an alternative asset class and a lead-in for Australia’s burgeoning build-to-rent sector. Since launching here in February 2019, Hmlet has opened four co-living spaces in Sydney, with immediate plans to launch four new properties in Sydney and new locations in Melbourne and Brisbane.

“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,” Mr Kamalski said.

“We’ve seen our philosophy and operational model resonate with the market, which has allowed us to secure our Series B funding less than 12 months after our Series A round.

“We’re extremely proud of our team and we will continue to build on our commitment to give our existing and future members a home and community that supports their new way of working and living.”

Burda Principal Investments, which led Hmlet’s Series B, is the growth capital arm of Hubert Burda Media, an international tech and media company headquartered in Germany.

Hmlet, alongside Zilingo and Carsome, are among the Series B stage companies in the region backed by Burda Principal Investments since its Singapore opening in 2017. Sequoia India led the company’s Series A funding last year.

Burda Principal Investments Principal Albert Shyy said they were impressed with Hmlet’s ability to grow quickly while working closely with building owners and landlords, and were excited to support them on their next phase of growth.

“We believe Hmlet is creating a product that addresses the changing lifestyle needs of today’s young working professional, which we are seeing globally,” Mr Shyy said.

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