Singapore-based co-living startup Hmlet has entered into an agreement to acquire Hong Kong-based we r urban to fuel its regional expansion.
According to Hmlet, we r urban (spelt in lower case) currently manages a portfolio of 30 co-living spaces and houses 70 members across 15,000 sq ft in Hong Kong. Following the acquisition, Hmlet is looking to more than double the number of members in the city-state by end of this year.
Financial terms of the transaction were not disclosed. Hmlet had closed a $1.5-million seed round led by Aurum Investments last November, with plans to expand into Hong Kong and Osaka.
“Hong Kong is a natural next move for Hmlet, and this investment allows us to impact millennials across Hong Kong, allowing them to grow, scale and succeed,” said Hmlet CEO and co-founder Yoan Kamalski.
Kamalski started Hmlet with co-founder Zenos Schimickrath in 2016 with the vision of reinventing the way people live by responding to the needs of today’s mobile millennial workforce. It has a 300-member capacity across its co-living spaces in Singapore and Tokyo.
we r urban was founded by Raphaela and Oliver-Kofeler and Cornelius Kistler to meet the growing demand for affordable housing as the first co-living concept in Hong Kong. Its director of real estate and renovation Dominik Wiesent and managing director Pauline Wetzer will retain their positions at we r urban.