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Co-living startup Hmlet moves into Hong Kong with acquisition of we r urban

SINGAPORE-based co-living startup Hmlet has acquired we r urban, marking its expansion into the Hong Kong market.

The Hong Kong startup, we r urban, was founded by Raphaela Oliver-Köfeler and Cornelius Kistler and currently manages a portfolio of 30 co-living spaces, housing 70 members across 15,000 square feet on Hong Kong Island.

Hmlet has plans to double the number of members in the city by the end of 2018, it said in a media statement on Thursday.

"Hong Kong is a natural next move for Hmlet, and this investment allows us to impact millennials across Hong Kong, allowing them to grow, scale and succeed," said Yoan Kamalski, CEO and co-founder at Hmlet.

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Hmlet was founded in 2016 by Yoan Kamalski and Zenos Schmickrath and offers rooms and apartments for rent. It currently has capacity for 300 members across co-living spaces in Singapore - in locales like the Central Business District, River Valley and East Coast - as well as Tokyo.

It last announced in November 2017 that it had raised US$1.5 million in seed funding.