The Singapore-based startup transforms buildings into dynamic environments for living, personal development and collaboration

Singapore based co-living rental platform Hmlet has raised a US$6.5 million Series A funding round led by Sequoia India to expand the business in Southeast Asia.

“The funding builds on a great year for Hmlet and will enable us to continue to extend and grow our community,” said Hmlet CEO and Co-founder Yoan Kamalski.

Founded in 2016 by Yoan Kamalski and Zenos Schmickrath, Hmlet is catering to the millennial workforce with its co-living houses.

The startup transforms buildings into dynamic environments for living, personal development and collaboration. It then offers these rooms and apartments for rent at an affordable price. With a minimum commitment of three months, contracts are available on a month-by-month basis and offer fully furnished properties with on-demand services such as cleaning, ironing and community benefits such as social events and activities.

Also Read: This startup wants to solve Singapore rental woes through flexible leases and flatmate matchmaking

“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 CEO 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.”

“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 centralised 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.”

In November 2017, Hmlet raised a US$1.5 million in a seed round led by Aurum Investments, a sister company of co-working space Collision 8.

Four months ago, Hmlet acquired Hong Kong based co-living competitor, “we r urban” adding more rooms and members to its portfolio.

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