Singapore venture capital firm Insignia Ventures Partners has led a seed funding round in Indonesia-based co-living startup YukStay, DEALSTREETASIA has learned.
According to a source familiar with the development, the startup raised $1 million in the round which was closed late last year.
Insignia declined to comment on the investment, while YukStay did not respond to our query on the company and the deal.
Founded early last year, YukStay claims to be the first prop-tech company in Indonesia that aims to provide affordable city living through ‘Co-Living’. Its platform provides a marketplace for urban apartment rental, connecting apartment owners to the urban community looking to find housing.
The company’s operation is led by two co-founders who were formerly with Insignia Ventures, Jacky S and Christopher Kung. According to their Linkedin profile, Jacky S left Insignia last year to take on the position of CEO at YukStay, while Kung, who was a principal of engineering at Insignia, left the VC in February this year to become the CTO of YukStay.
By building YukStay, the pair are entering a relatively vacant space with no major direct competitors. While the property marketplace model has been employed by other startups such as Travelio – also backed by Insignia, very few have targeted the co-living market.
One of the startups that have only recently started to branch out into the co-living scene is Co-Hive, another portfolio of Insignia.
The VC firm, which is led by former Sequoia veteran Yinglan Tan and focuses on Southeast Asia, was recently reported to have invested in Vietnamese fintech company Finhay and Indonesian video story telling platform TADOtv.
Its recent announced investments include a pre-Series A round in Indian online investment platform Groww and a $2.2-million financing for Indonesian platform Ajaib.