Singapore hostel chain Tribe Theory gets $3.5m from American VC Tim Draper

Tribe Theory, an entrepreneur-focused hostel chain that started in Singapore, announced that it has secured US$3.5 million in strategic investment from American venture capitalist Tim Draper, an early investor in the likes of Hotmail, Skype, Tesla, SpaceX, Baidu, and Bitcoin.

Photo credit: Tribe Theory

As part of the deal, Tribe Theory will rebrand to Draper Startup House to serve as the international business of the US-based firm. Both the US and international operations will focus on expanding hostel locations globally to support and enable 1 million entrepreneurs by 2030, according to a statement.

Founded by Katie Russel and Daniel Wiegand, Draper Startup House is an expansion of Draper’s global brand, which includes Draper Venture Network, Draper Associates, and Draper University.

“Draper Startup House provides global live/work spaces for entrepreneurs where they can connect, be inspired, and build a community,” said Draper, adding that community members may also enjoy a network of innovators and influencers, as well as relevant resources and activities.

In addition to short- and long-term accommodations, the company also offers co-working spaces, custom programming focused on entrepreneurship, access to VC funding (with 23 global funds), and opportunities to submit pitch decks to the Draper Venture Network.

“This rebrand will put us on the course of building what we had set out to – hospitality as the foundation of an entrepreneurship ecosystem. It will propel our mission much further because we are now part of a larger ecosystem,” Vikram Baharati, founder of Tribe Theory, said.

Founded in 2018, Tribe Theory has eight existing international locations, including Bali, Singapore, Yangon, Estonia, Manila, Lisbon, as well as two locations in Bangalore. The first US location will open in March 2020 in Austin, with additional locations following the investment.

Last year, the startup raised nearly US$740,000 in a seed funding round from Superangel, Aurum Investments, and Reapra. At that time, it was aiming to be in 25 countries across the globe within the next four years.