Co-living operator Hmlet secures US$40 mil Series B funding
By Digital News Asia July 24, 2019
- Raised a US$6.5 million Series A in November 2018; US$1.5 million seed round in 2017
- The round was led by Burda Principal Investments
HMLET, the Singapore headquartered co-living operator, has raised US$40 million (RM164.44 million) in a Series B round, which will allow the company to 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.
The company recently raised a US$6.5 million (RM26.72 million) Series A in November 2018, and a US$1.5 million (RM6.17 million) seed round in 2017.
The funds raised in Series B will continue to grow Hmlet’s presence in gateway cities – where housing is expensive – across the company’s existing markets of Singapore, Hong Kong and Sydney, Australia.
Plans for launch in Melbourne, Brisbane and Tokyo, Japan 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. Community Managers alongside shared spaces in the building will help forge a sense of community, fostering authentic and meaningful relationships amongst residents. 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 been a crucial design and architectural consideration for Hmlet.
Alongside Hmlet’s co-living business model, the Series B funding will also go into growing local operations to further capitalise on current conditions of property markets.
Servicing 75 locations across three cities in Asia Pacific, Hmlet's regional footprint puts the company in an advantageous position to shape the co-living landscape.
“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. 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,” said Hmlet chief executive officer Yoan Kamalski.
Hmlet, alongside Zilingo and Carsome, are among the Series B stage companies in the region invested by Burda Principal Investments since its Singapore opening in 2017.
It is the growth capital arm of Hubert Burda Media, an international tech and media company headquartered in Germany. Sequoia India led the company’s Series A funding last year.
Albert Shyy, principal of Burda Principal Investments, said: "We believe Hmlet is creating a product that addresses the changing lifestyle needs of today’s young working professional, which we are seeing globally. We have been very impressed with their ability to grow quickly while working closely with building owners and landlords, and are excited to support them on their next phase of growth."
Incorporated in 2016, Hmlet has a vision of providing affordable and flexible housing solutions for a mobile workforce who’s constantly on the move. Today, Hmlet manages over 1,500 rooms and is looking to build a network that spans across 10 cities in five countries within the next two years.