Oxfordcaps gets 500 Startups backing to bring co-living to Asia’s universities

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Singapore’s Oxfordcaps has secured an undisclosed amount of funding in a seed round led by 500 Startups and ReadyVentures. Several unnamed angel investors also participated.

Launched in July, the startup wants to shake up the student accommodation market by applying the “co-living” model that’s already disrupting rental options for expat professionals in Asia’s biggest cities.

Companies like Singapore-based Hmlet and MetroResidences, itself a recipient of seed capital from 500 Startups, are transforming unused buildings into shared living spaces suited to the needs of modern tech workers and corporate executives.

See: Rakuten invests $2.8m in Singapore-based serviced apartment startup

The main target demographic is lone expatriate workers who prefer short-term rentals, the possibility of saving money by sharing accommodation, and the opportunity to socialize with people in a similar situation to their own.

Oxfordcaps co-founder and CEO Annu Talreja points out that international students who come to cities like Singapore to study have quite similar requirements.

Redesigning student accommodation

There is an undersupply of university-owned accommodation compared to the number of students admitted in each intake, meaning that most will have to seek out private rental options.

Like Hmlet, Oxfordcaps works with landlords and developers to redesign and furnish properties to make them suitable for student living.

“The owner typically has a property which is very good for students in terms of location and price,” Talreja tells Tech in Asia. But they may be skeptical to rent it out themselves because they fear the students couldn’t pay rent on time or might not keep the property in the best condition. Or they simply don’t want to take on the task of managing the rentals themselves.

Interested owners approach Oxfordcaps, which then kits out the property as “no-frills” student accommodation. Each room typically features two single beds, a study table with desk lamp, and a bookcase. There are also common areas where residents can mingle.

Oxfordcaps manages the property, providing services such as cleaning and maintenance. It also handles the rentals process all the way from listing available rooms on its site.

The ability to view the accommodation online and secure somewhere to stay before arriving in a new country is what makes the service particularly attractive to international students, Talreja suggests.

International students

Prior to leaving their home countries, foreign students will typically use property listings sites such as 99.co or PropertyGuru to contact agents and organize viewings after they arrive, which isn’t necessarily the most convenient way for them to get accommodation, says Talreja.