Co-Living Operator Hmlet Secures HK$310 Million Series B Funding to Accelerate Growth Across APAC

The fast-growing company raises this new funding less than 12 months after its Series A
2019-07-23 12:00 2665

SINGAPORE, July 23, 2019  /PRNewswire/ -- Hmlet, the Singapore headquartered co-living operator, has raised US$40 Million (HK$310 Million) in a Series B round, which will allow the company to continue bridging gaps in demand for affordable, flexible and secure housing across the region.

The round was led by Burda Principal Investments, with participation from existing investor Sequoia India and new investors Mitsubishi Estate Co, Reinventure Group, and angel investors. The company recently raised a US$6.5 Million Series A in November 2018, and a US$1.5M seed round in 2017.

The funds raised in Series B will continue to grow Hmlet's presence in gateway cities -- where housing is expensive -- across the company's existing markets of Singapore, Hong Kong and Sydney, Australia. Plans for launch in Melbourne, Brisbane and Tokyo, Japan are also in the pipeline.

In Singapore, Hmlet is launching its largest facility on the island to date - a 150-room property at 150 Cantonment Road. Community Managers alongside shared spaces in the building will help forge a sense of community, fostering authentic and meaningful relationships amongst residents. The co-living spaces on Cantonment road include communal kitchens, a wellness studio and an all-day, in-house cafe.

Shared spaces that facilitate the ease of interaction among members have always been a crucial design and architectural consideration for Hmlet.

Alongside Hmlet's co-living business model, the Series B funding will also go into growing the local operations, helping Hong Kong residents defray long-standing challenges on unaffordable housing. Hong Kong is currently home to the world's most expensive property market. Since its Hong Kong launch in July 2018, Hmlet currently operates 50 co-living spaces across the country with plans to extend to 200 by the end of the year. The co-living brand will also be launching two new en-bloc buildings in Tin Hau and Mong Kok in the upcoming months.

"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. 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. We're extremely proud of our team and we will continue to build on our commitment to give our existing and future members a home and community that supports their new way of working and living," said Yoan Kamalski, CEO of Hmlet.

Hmlet, alongside Zilingo and Carsome, are among the Series B stage companies in the region invested by Burda Principal Investments since its Singapore opening in 2017. It is the growth capital arm of Hubert Burda Media, an international tech and media company headquartered in Germany. Sequoia India led the company's Series A funding last year.

Albert Shyy, Principal of Burda Principal Investments, said: "We believe Hmlet is creating a product that addresses the changing lifestyle needs of today's young working professional, which we are seeing globally. We have been very impressed with their ability to grow quickly while working closely with building owners and landlords, and are excited to support them on their next phase of growth."

Incorporated in 2016, Hmlet has a vision of providing affordable and flexible housing solutions for a mobile workforce who's constantly on the move. Today, Hmlet manages over 1,500 rooms and is looking to build a network that spans across 10 cities in 5 countries within the next two years.

Communal area in co-living apartment Hmlet Cullinan West, Hong Kong
Communal area in co-living apartment Hmlet Cullinan West, Hong Kong

About Hmlet
Hmlet's journey began when founders Yoan Kamalski and Zenos Schmickrath were renting out rooms of their semi-detached home. Several tenants and a year later, they quickly realised that their home became more than just a roof to live under -- it became a space where friendships were forged.

Since its launch in 2016, Hmlet has become the fastest growing co-living operator in Asia Pacific and today operates spaces in Singapore, Hong Kong, Australia and soon-to-be Japan. Responsive to the needs of the mobile workforce, Hmlet members can enjoy flexible leases, serviced rooms and community perks such as monthly events and other lifestyle benefits .

With more than 75 locations across Singapore, Hong Kong, Sydney and a number of other cities, Hmlet is on the way to open more than 2,400 beds by the end of 2019. Hmlet strives to revive communal and meaningful interactions in a way that amplifies creativity and empowers its members.

About Hubert Burda Media
Hubert Burda Media, headquartered in Munich, Germany, is an international technology and media company with over 550 brands and products that are oriented to the needs of consumers. Burda has 175 million users and approximately 60 million paying consumers globally. Burda has been a pioneer in adopting digital technology and is a trusted partner for the long-term success of digital businesses. Burda Principal Investments is the company's unit to provide growth capital to digital ventures in the United States, Europe, and Asia.

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Source: Hmlet