SINGAPORE (July 23): Singapore-headquartered co-living operator Hmlet has secured funding of US$40 million ($54.4 million) in its latest Series B round, allowing it to continue bridging gaps in demand for affordable, flexible and secure housing across the region.
This 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.
Previously, Hmlet has raised US$6.5 million in its Series A round in November 2018, as well as US$1.5 million in its seed round in 2017.
Currently, the company manages more than 1,500 rooms and is looking to build a network that spans across 10 cities in 5 countries within the next two years.
The company intends to use the funds raised in this Series B round to grow its presence in gateway cities – where housing is expensive – across its existing markets of Singapore, Hong Kong and Sydney.
There are also plans to launch in Melbourne, Brisbane and Tokyo.
Meanwhile, Hmlet is launching it largest facility in Singapore – a 150-room property at 150 Cantonment Road.
Yoan Kamalski, CEO of Hmlet, says, “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.”
Albert Shyy, principal of Burda Principal Investments, says, “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."
