Hmlet, a Singapore-based co-living operator, has raised US$40 million in a Series B round, which was led by Burda Principal Investments, reported The Business Times.
The round was also joined by existing investor Sequoia India, new investors Reinventure Group, Mitsubishi Estate Co as well as angel investors.
The funds will be used to boost the company’s growth in existing markets Singapore, Sydney and Hong Kong. Plans for launch in Tokyo, Brisbane and Melbourne are also in the pipeline.
In Singapore, the company launched its 150-room property within the Tanjong Pagar, Cantonment Downtown CBD precinct. With the rooms operating as serviced apartment units, the property will be the largest co-living building of Hmlet to date.
Founded in 2016, Hmlet raised a US$6.5 million Series A in November 2018 and US$1.5 million in a seed round in 2017.
The company currently manages more than 1,500 rooms and is eyeing to “build a network that spans across 10 cities in five countries within the next two years”.
“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 CEO Yoan Kamalsk.
“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.”
Aside from Hmlet, Burda Principal Investments has also invested in other Series B stage companies within the region including Singapore’s Zilingo and Malaysia’s Carsome.
Opened in Singapore in 2017, Burda is the growth capital arm of international tech and media company Hubert Burda Media.
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Fiona Ho, Digital Content Manager at PropertyGuru, edited this story. To contact her about this or other stories, email firstname.lastname@example.org