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Singapore based co-living platform Hmlet has raised US$6.5 million in Series A funding.
The round was led by Sequoia India.
Founded in 2016 by Yoan Kamalski and Zenos Schmickrath, Hmlet is 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 workshopshouses.
With a minimum commitment of three months, contracts are available on a month-by-month basis and offer fully furnished properties with on-demand services such as cleaning, ironing and community benefits such as social events and activities.
The Series A funding will be used to scale the business model throughout the region, and expand services and experiences for its members.
“The funding builds on a great year for Hmlet and will enable us to continue to extend and grow our community,” said Hmlet CEO and Co-founder Yoan Kamalski.
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.
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.
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.