SINGAPORE-based co-living company Hmlet has raised AU$55 Million (US$40 Million), allowing the company to accelerate its expansion across Asia Pacific including launching into Melbourne, Brisbane and Tokyo.
The capital raising 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 AU$9 Million (US$6.5 Million) Series A in November 2018, and AU$2 Million (US$1.5M) seed round in 2017.
The latest capital injection will allow the company to expand in its existing markets of Singapore, Hong Kong and Sydney as well as launch into Melbourne, Brisbane and Tokyo, Japan. In Singapore, Hmlet is launching its largest facility to date – a 150-room property at 150 Cantonment Rd.
Series B funding will also expand Hmlet’s presence in Australia. Since launching in February this year, 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 shortly.
“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,” Hmlet CEO Yoan Kamalski said.
German-based Burda Principal Investments Albert Shyy 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.” Shyy said.
Founded in 2016, 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.