Singapore, 12 November 2018 – Singapore based co-living platform, Hmlet has raised a US$6.5 million Series A funding round led by Sequoia India.
Founded in 2016 by Yoan Kamalski and Zenos Schmickrath, Hmlet addresses the need for high-quality living spaces in rapidly growing and mobile urban populations by transforming buildings into dynamic environments for living, personal development and collaboration.
Responsive to the needs of today’s millennial workforce, the company provides affordable, high-quality, community-centric homes in Singapore and Hong Kong. The Hmlet model offers custom-designed rooms and apartments in great locations with convenient monthly rolling contracts, and members can enjoy a range of offerings such as cleaning, laundry services, social activities and professional workshops
A core differentiator behind the company’s high level of positive customer experience is a proprietary technology that helps to match flatmates, increasing the likelihood that members will build harmonious and vibrant relationships. With community at the heart of Hmlet, its buildings offer common areas such as lounges and rooftops where members can interact and engage in social events, something that isn’t found in traditional shared housing which is typically designed for families.
The Series A funding will be used to scale the business model throughout the region and expand services and experiences for its members. In 2017, the company closed a US$1.5 million Seed Financing led by Arum Investment and has since continued to grow its community of members. In July this year, Hmlet acquired Hong Kong based co-living competitor, “we r urban” adding more rooms and members to its portfolio.
“Hmlet’s foundation was based on the insight that existing housing supply in large cities is not fit for the current millennial, mobile generation, “said Hmlet CEO and Co-Founder, Yoan Kamalski. “More young professionals are delaying home ownership and are mobile globally in their careers. From this, we wanted to bring the many benefits of the sharing economy to personal living spaces, and at Hmlet, we are seeing people come for the great home environment and convenience, but stay because they become part of a community.”
“The funding builds on a great year for Hmlet and will enable us to continue to extend and grow our community. We are grateful for the support from Sequoia India, which cements their belief in the vision of co-living in Asia,” added Kamalski.
Hmlet’s unique proposition resonates particularly well at this point in Asia’s property cycle. By redesigning and reconfiguring buildings to attract high occupancy, the company’s business model has received a warm reception from property owners looking to increase yields.
“Co-living is a large market opportunity that’s particularly well-suited to Asian cities, which are vertically developed, compared to the US cities where housing supply pre-dominantly comprises of standalone properties,” said Abheek Anand, Managing Director, Sequoia Capital (India) Singapore. “Hmlet’s centralized supply model, of taking over full buildings compared to standalone units across many buildings, is particularly compelling because it brings a true sense of community along with economies of scale.”