Burda leads $40m Series B for Singapore's Hmlet
Germany’s Hubert Burda Media has led a $40 million Series B round for Singapore-based co-living operator Hmlet.
Burda participated via its growth capital arm Burda Principal Investments. It was joined by Reinventure, the VC unit of Australia’s Westpac Banking, as well as Mitsubishi Real Estate, and existing backer Sequoia Capital India.
A number of angel investors and the family office of IDG Ventures India founder Manik Arora also contributed. It comes within 12 months of a $6.5 million Series A. Aurum Investments provided a $1.5 million seed round in 2017.
The fresh capital will be used to consolidate an existing presence in Singapore, Hong Kong and Sydney, while also pursuing expansions in Melbourne, Brisbane, and Tokyo. This effort will include the launch of the company’s largest facility to date in Singapore, a 150-room property.
Hmlet specializes in targeting millennials who move from city to city as they pursue new opportunities. The company provides flexible co-living accommodation products, often including features such as communal kitchens, wellness studios, and in-house cafes.
“We believe Hmlet is creating a product that addresses the changing lifestyle needs of today’s young working professional, which we are seeing globally,” Albert Shyy, a principal at Burda Principal Investments, said in a statement. “We have been very impressed with their ability to grow quickly while working closely with building owners and landlords.”
Co-living is considered a fast-growing trend in Asia's competitive urban real estate markets and synergistic with the proliferation of co-working spaces. Other recent investments in this segment include a $30 million Series B for India’s Zolo and an approximately $180 million investment in Hong Kong-based Weave Co-Living.
Burda claims to have more than 550 consumer-oriented technology and media products, including brands. The company has stepped up its Southeast Asia investment agenda aggressively in recent years, with the opening of a Singapore office in 2017, support for a number of regional VC managers, and a plan to make direct investments at the Series B stage.
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