The Singapore-based co-living company, Hmlet, has raised US$40 million in a Series B round led by Burda Principal Investments, which will allow it to continue growing across gateway cities in Asia.
This round was also participated by angel investors such as an existing investor, Sequoia Capital India, and new investors, Mitsubishi Estate and Reinventure Group.
The funds will boost the company’s growth in its existing markets like Singapore, Hong Kong, and Sydney where housing is relatively more expensive, while plans for launches in Melbourne, Brisbane, and Tokyo are also in the pipeline.
Founded in 2016, Hmlet had previously raised a US$6.5 million Series A round led by Sequoia Capital India in late last year. Before that, it had also raised a US$1.5 million seed round led by Aurum Investments in 2017, which was joined by several other angel investors.
The startup is also going to open its largest facility in Singapore, a 150-room property in the Tanjong Pagar, Cantonment Downtown CBD precinct, which it had signed for back in April. To date, Hmlet manages more than 1,500 rooms and is looking to develop a network that covers more than 10 cities in five countries within the next two years.