KUALA LUMPUR, Malaysia, May 28, 2024 /PRNewswire/ -- LiveIn, Malaysia's leading long-stay provider, proudly announces a significant investment from Korean Investment Partners (KIP), the largest VC in Korea with AUM of $3.2 billion USD. This extension of LiveIn's pre-Series B funding round, totalling $2.6 million USD, is an extended top-up investment from the earlier $8.3 million USD round which underscores LiveIn's commitment to revolutionizing urban living in Southeast Asia.
Malaysia’s LiveIn Achieves Pre-Series B Funding Milestone, Surpasses $10.95M with Key Investment from Korean Investment Partners (KIP) to Propel Growth in Southeast Asia
Extension of Pre-Series B Funding Fuels Regional Expansion
This new funding complements LiveIn's previous pre-Series B funding round in December, which was led by InterVest, one of Korea's top 5 funds and a royal General Partner (GP) of the Korea Development Bank (KDB), with AUM around $250 billion USD. KIP and InterVest, both esteemed royal GPs of the KDB, will further solidify LiveIn's position in the property landscape.
"LiveIn is thrilled to welcome Korean Investment Partners as a strategic investor," said LiveIn Co-Founder and Chief Executive Officer Keek Wen Khai (Khai). "This partnership, alongside the backing of InterVest and other esteemed global investors, propels us closer to our goal of creating vibrant, affordable communities for young adults in Southeast Asia by shaping a better living experience for them."
LiveIn's Mission: Addressing 60 Million Young Adults' Urgent Need by Transforming Existing Vacant Properties into Affordable Housing
LiveIn's unique model transforms vacant properties into fully furnished, long-stay rental homes through its innovative Offline to Online (O2O) managed platform. By leveraging second-tier locations and offering rates significantly below market standards, LiveIn empowers students and young professionals to pursue their dreams in urban centres without compromising on affordability or quality of living.
"There are 60 million young adults in the Southeast Asian region, of which many relocate to economic centres in search of better opportunities but are often priced out of quality housing options. At the same time, owners of older buildings face a dwindling return due to newer, more competitive offerings. Our mission is to bridge the gap between property owners and young renters by providing accessible, community-centric housing solutions," he added. "With the support of our investors, including Korean Investment Partners, we can push forward in aggressively increasing our footprint in the region and continue making a positive impact on the lives of our residents."
Replicating Successful Model to New Markets, with Considerable Success
LiveIn has achieved a high level of success with its distinctive approach to long-term property rentals, which has resulted in an impressive average occupancy rate of 90% in Malaysia, Thailand and Vietnam. This approach not only generates increased rental income for property owners but also provides tenants with access to affordable, quality housing. In addition, it ensures scalability and profitability for LiveIn. LiveIn has made the process of onboarding tenants more efficient while improving property management and offering additional services such as fully furnished rooms, dedicated concierge services, and community events. The company is committed to introducing new service features and establishing strategic partnerships to reinforce its position in the market.
As part of its strategy, LiveIn has made headway in the Vietnam market by replicating its successful model of modernizing unoccupied buildings, launching its first building in Ho Chi Minh District 9, which reached full occupancy within 40 days from launch. The company is set to onboard and launch two more buildings in quick succession this quarter. In Thailand, LiveIn currently has over 20 buildings comprising close to 2,000 rooms. A recent internal survey of building owners in Thailand showed 100% confidence in LiveIn's ability to drive demand for their properties.
Riding on this momentum and amplified through the injection of funds, LiveIn is also set to land in Indonesia by 2024 to meet the changing needs of young city dwellers.
Made Possible through Diverse Global Investment and Leadership Enrichment
In addition to KIP, InterVest and Wavemaker Partners, LiveIn has attracted investments from prominent global investors in Singapore, Japan, Korea, Malaysia, and the US between December 2023 and February 2024, highlighting the company's global appeal and strong growth trajectory. In addition, Eric Manlunas, Wavemaker's Co-founder and General Partner has joined LiveIn's Board of Directors, enriching the company's leadership with extensive industry experience.
For more information about LiveIn and its commitment to affordable, community-driven housing solutions, please visit https://livein.com.
