American venture capitalist Tim Draper invests $3.5m in SG hostel chain Tribe Theory

Team Photo of Tribe Theory. Source: Tribe Theory

American venture capitalist Tim Draper has invested $3.5 million in Tribe Theory, an international entrepreneur-focused hostel chain in Singapore, according to a statement on Tuesday.

As part of the strategic investment, the existing hostels of Tribe Theory will be rebranded as Draper Startup House and form the international division of the business.

Katie Russel, head of business development and marketing at Draper University – an entrepreneurship programme created by Tim Draper as part of his business ecosystem – and Daniel Wiegand, who manages Draper University’s Entrepreneur Immersion Program, jointly founded the parent company, Draper Startup House, in the United States.

Draper Startup House will operate the U.S. business activities and oversee its minority stake in the international partnership. These two operations are expected to collaborate to expand hostel locations globally with a goal to support and enable one million entrepreneurs by 2030, according to the statement.

Besides Draper Startup House and Draper University, Tim also established Draper Venture Network, a self-governed organization of independent venture funds, and Silicon Valley venture capital companies Draper Associates, and Draper Fisher Jurvetson. He is an early investor in over 30 unicorns, including webmail service Hotmail, internet phone service Skype, Elon Musk’s Tesla and SpaceX, as well as Chinese search engine giant Baidu.

“Tim and his team immediately understood our vision and made an offer to invest in us and work with us to build out this concept globally under the brand Draper Startup House. This was the differentiator we were seeking,” said Tribe Theory founder Vikram Baharati in the statement.

“This rebrand will put us on the course of building what we had set out to – hospitality as the foundation of an entrepreneurship ecosystem. It will propel our mission much further because we are now part of a larger ecosystem,” said Baharati.

Established in 2018, Tribe Theory has eight international locations, including Bali, Singapore, Yangon, Estonia, Manila, Lisbon, and two locations in Bangalore. The first location in the U.S. will open in March 2020 in Austin, TX at SXSW, with additional locations following the investment.

Draper Startup House provides entrepreneurs with short and long-term accommodations, co-working space, custom programming focused on entrepreneurship, access to venture capital funding, and the ability to submit pitch decks to the Draper Venture Network, which has 23 global funds.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.