This funding comes a year after the startup raised a $1.5-million seed round led by Aurum Investments. The round had also seen the participation of a number of angel investors.
Hmlet plans to use this latest funding to scale its business model throughout the region and expand services and experiences for its members.
Incorporated in 2016 by co-founders Yoan Kamalski and Zenos Schmickrath, Hmlet runs co-living spaces where young working professionals can rent rooms and apartments at an affordable price on a month-by-month basis with a minimum commitment of three months. It claims to differentiate itself from others through its proprietary technology that helps match flatmates.
“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.
As part of its regional expansion the firm had acquired Hong Kong-based rival we r urban (spelt in lower case) for an undisclosed amount earlier this year, adding more rooms and members to its portfolio.
“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,” he added.
Co-living is an emerging concept in the region with more millennials delaying buying houses and opting for such co-living spaces which also provides them with all the amenities including cleaning, laundry services and social activities among others.
In February, Bengaluru-based co-living space provider CoLive raised $1.8 million in a funding round led by Ncubate Capital Partners, the private investment arm of SAR Family Office.