SINGAPORE based co-living platform Hmlet has raised US$6.5 million in Series A funding led by Sequoia India.
Founded in 2016, Hmlet provides affordable, high-quality and community-centric homes in Singapore and Hong Kong. It offers custom-designed rooms and apartments with monthly rolling contracts, and members can enjoy a range of offerings such as cleaning, laundry services, social activities and professional workshops
The company uses its proprietary technology to match flatmates, increasing the likelihood that members will build “harmonious and vibrant relationships”, said Hmlet in a press statement.
The Series A funding will be used to scale the business model throughout the region, and expand services and experiences for its members.
In 2017, the company closed a US$1.5 million seed financing round led by Arum Investment, and has since continued to grow its community of members. In July this year, Hmlet acquired Hong Kong based co-living competitor, “we r urban”, adding more rooms and members to its portfolio.
“Hmlet’s foundation was based on the insight that existing housing supply in large cities is not fit for the current millennial, mobile generation,” said Hmlet chief executive and co-founder, Yoan Kamalski.
“More young professionals are delaying home ownership and are mobile globally in their careers. From this, we wanted to bring the many benefits of the sharing economy to personal living spaces.”
Abheek Anand, managing director of Sequoia Capital (India) Singapore, said: “Co-living is a large market opportunity that’s particularly well-suited to Asian cities, which are vertically developed, compared to the US cities where housing supply pre-dominantly comprises of standalone properties.”
He added that Hmlet’s centralised supply model of taking over full buildings compared to standalone units across many buildings is particularly compelling because it combines a true sense of community with economies of scale.