RoomMe, Indonesia-based co-living startup that helps manage and market the properties for homeowners on its platform for co-living lifestyle and flexible stay duration, announces that it has secured Series A funding from BAce Capital, an early-stage venture capital, backed by Ant Financial, as reported by DealStreetAsia.
BAce confirmed Vertex’s participation in the round, along with that of the existing backer KK Fund.
In May, RoomMe had received Series A funding from Singapore’s Vertex Ventures.
RoomMe was established in 2017 with the mission of helping tenants finding co-living spaces in flexible stay durations in-home boarding industry.
RoomMe helps space owners to market the properties on its platform in return for a cut of the rental income. Its services are currently largely focused on Jakarta.
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BAce said the decision behind the investment is based on its prediction that Indonesia’s co-living industry is well-positioned for development, given its economic growth and rapid urbanisation.
RoomMe competes with YukStay, an urban apartment rental marketplace, which reportedly has raised a US$1-million funding round from Singapore’s Insignia Ventures just recently. RoomMe also competes with Indian hotel chain major OYO, which last week launched a new co-living business line in Indonesia.
The investment in RoomMe marks BAce’s first known funding in Indonesia. The firm is led by veterans from Alibaba and Ant Financial, with Paytm founder Vijay Shekhar Sharma and Zomato founder Deepinder Goyal on its advisory board
In April, BAce announced that it plans to raise to US$150 million for its first early-stage India and Southeast Asia fund, targeting Series A to B opportunities with ticket sizes ranging from US$500,000 to US$15 million, with Indonesia and India set to be its biggest target markets.
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Photo by Nguyen Dang Hoang Nhu on Unsplash
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