Hmlet co-founder exits startup amid strategic overhaul

Singapore-based co-living operator Hmlet confirmed that its co-founder, Zenos Schmickrath, has left the startup to pursue other opportunities as the company undergoes a major overhaul.

Hmlet said Schmickrath left in December 2019 but remains as a shareholder.

Hmlet co-founders Yoan Kamalski (left) and Zenos Schmickrath / Photo credit: Hmlet

The development comes as the company switched to an asset-light model by helping landlords run Hmlet-branded co-living spaces. Previously, the startup directly leased properties from landlords and real estate firms, then renovated them to maximize living spaces.

“In this regard, we have had to hire a number of professionals over the last two quarters to fuel this shift, while parting ways with a handful of members, including Zenos, our co-founder,” Hmlet CEO and co-founder Yoan Kamalski told Tech in Asia in an emailed statement.

Kamalski previously told Tech in Asia that it had retrenched roughly 10% of its staff, as their roles had become redundant. The actual number, however, could be higher and that the layoffs had started in December last year, said a source familiar with the situation. At that time, the startup did not confirm the identities of those who were let go.

The CEO noted that the startup intends to hire “a lot more than we’ve had to let go.”

Kamalski and Schmickrath started Hmlet in 2016, renting out properties in the city centers of Singapore and Tokyo. It has raised a total of US$48 million in funding to date, according to data from Crunchbase.

Its biggest top-up came in July 2019 at US$40 million for its series B round, which was led by Burda Principal Investments. Mitsubishi Estate, Reinventure Group, Sequoia Capital India, and angel investors also participated in the round.