Hmlet merges with European player Habyt

Singapore-based Hmlet, a flexible living startup, is merging with European co-living brand Habyt.

Photo credit: Hmlet

Hmlet’s name will stay the same, but the company will be under the newly-formed Habyt Group. Giselle Makarachvili, CEO of Hmlet, will become the head of Asia Pacific for Habyt. Meanwhile, Luca Bovone, founder and CEO of Habyt, will lead the new entity.

Before the merger, Hmlet had 1,200 units across Singapore, Hong Kong, and Japan, with a target of 2,300 units across its covered markets by the end of the year. With Habyt, the group now has 8,000 units available in 20 cities across 10 countries.

Both firms jointly raised an undisclosed amount in a round led by Burda Principal Investments and Sequoia Capital, which will fund the group’s expansion into more Asian cities.

Hmlet was hit hard during the pandemic’s first year, trimming its headcount and leading its executives to step down. It also had to let go of its Australian operations.

Recently, the startup launched a new building in Singapore and signed three new buildings in Hong Kong.

See also: Covid-19 knocked Hmlet down. Here’s how it’s climbing back up