Co-living provider Hmlet has secured HK$310 million ($40 million) in a new round of funding that will allow the Singapore-headquartered company to ramp up its presence across Asia Pacific.
The fresh cash comes as the shared housing operator implements a plan to add 150 co-living spaces in Hong Kong to its footprint in the region, as well as opening new communal homes in Melbourne, Brisbane, and Tokyo.
“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 Hmlet’s chief executive officer Yoan Kamalski, adding that the company’s successful funding round was the result of a business model that resonated with the market.
Hmlet’s latest milestone was announced five months after the company took over Australian co-living operator Caper Co-living and eight months after it raised $6.5 million in a Series A round.
Series B Funding Led by German Media Firm
The Series B funding round was led by Burda Principal Investments, the investment unit of Munich-headquartered technology and media company Hubert Burda Media, which has also invested in Zilingo and Carsome since opening in Singapore two years ago.
“We believe Hmlet is creating a product that addresses the changing lifestyle needs of today’s young working professional, which we are seeing globally,” said Albert Shyy, principal of Burda Principal Investments.
Burda was joined by existing investor Sequoia India alongside new investors Mitsubishi Estate and Sydney-based venture capital firm Reinventure Group.
Hong Kong Operations to Triple in Size
Zenos Schmickrath and Yoan Komalski’s company operates 50 co-living spaces across Hong Kong after taking over competitor we r urban’s 30 locations in July last year.
The unaffordability of the city’s housing market makes it a prime target for the co-founders’ alternative living option, and Schmickrath and Komalski plan to increase the company’s presence in Hong Kong to 200 by the end of this year, with two new en-bloc buildings in Tin Hau and Mong Kok slated to open over the next few months.
The smallest of Hmlet’s Hong Kong rooms, which come with a double bed and a shared bathroom, start at HK$8,300 per month.
Medium-sized rooms suitable for singles have a starting price of HK$9,750 per month, which provides occupants with a double bed, a chest of drawers, a wardrobe (with hangers), a desk, and a shared bathroom.
The most spacious of the rooms start at HK$14,000 per month and have an en-suite bathroom as well as extras like a lamp and a mirror.
150-Room Space to Open in Singapore
With 29 co-living facilities already operating in Singapore, Hmlet will be launching a further five new shared spaces in the city, including the company’s largest Singapore facility to date at 150 Cantonment Road.
The 150-room centre, which has communal kitchens, a wellness studio and a cafe, will offer its smallest rooms at S$2,600 ($1,906) per month, while the largest rooms have a starting price of S$3,300 monthly.
When initially established in 2016, Hmlet sublet rooms individually to tenants before moving into leasing whole facilities which it could reposition as co-living blocks. The company raised $1.5 million in a seed round of funding in 2017 led by Aurum Investments, and now manages over 1,500 rooms.