Co-living startup Hmlet raises $40m to accelerate growth in Asia Pacific

Singapore-based co-living operator Hmlet has raised US$40 million in a series B round led by Burda Principal Investments.

Rooftop of Hmlet Portofino, Singapore / Photo credit: Hmlet

The round also saw participation from angel investors, existing investor Sequoia Capital India, and new investors Mitsubishi Estate and Reinventure Group.

With the funding, Hmlet plans to grow its presence in gateway cities across its existing markets of Singapore, Hong Kong, and Sydney, where housing is relatively more expensive. It’s also planning to launch in Melbourne, Brisbane, and Tokyo, according to a statement.

The startup is also opening its largest facility in Singapore, a 150-room property at 150 Cantonment Road. Hmlet said it currently manages over 1,500 rooms and is looking to build a network that spans across 10 cities in five countries within the next two years.

Late last year, it raised US$6.5 million in a series A round led by Sequoia Capital India, with a plan to scale its business throughout Asia. In 2017, it secured US$1.5 million in its seed round.