MALAYSIA-BASED long-stay rental platform LiveIn has raised US$8.3 million in a funding round led by existing investor Wavemaker Partners and new investor InterVest, a Korea-based venture capital firm.

Other investors include Malaysia Debt Ventures, Jungle Ventures and CAC Capital, the platform said on Wednesday (Dec 27).

The funds will go towards expanding LiveIn’s operations in Thailand, as well as two new markets – Vietnam and Indonesia. The company will grow its portfolio of properties and hire more staff in those countries.

This is LiveIn’s first funding round since the company raised a series A round in 2019. LiveIn said it has raised a total of US$6 million in seed and series A funding.

Jungle Ventures and CAC Capital were among those that invested in earlier rounds.

Data platform Alternatives.pe gives the startup’s last valuation at US$26.4 million.

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“We are witnessing a massive surge in demand for affordable long-stay rentals, with young people seeking more autonomy and quality living spaces,” said Keek Wen Khai, co-founder and chief executive of LiveIn.

LiveIn’s platform lists long-term rental options in Malaysia and Thailand.

The company reported a loss of RM8.6 million (S$2.5 million) for 2020 – the latest year for which financial data is available – according to financial filings on Alternatives.pe.

Simon Baek, director at InterVest, noted that LiveIn had achieved “impressive” organic growth over the past three years with little marketing effort, and was also able to create stable non-rental income streams.

“Along with the acquisition of several smaller but failing competitors in the market, I’m excited to see the potential for even more growth, spurred by this round of funding,” he said.

*Clarification: An earlier version of this article said this is LiveIn’s third funding round since it raised nearly US$3 million in a series A round in 2019, and that it had raised funds in 2020 and earlier this year. LiveIn said these figures, from Alternatives.pe, are inaccurate.