Venture Hotel, a capsule hotel by Vikram Bharati’s Tribe Theory, officially launched on March 1 with the aim of providing startups and entrepreneurs travelling to Singapore an affordable place to stay.
Located in a heritage shophouse in Ann Siang Road with a capacity of 32 entrepreneurs, the hotel also provides services geared at entrepreneurs such as a workspace and networking events.
Tribe Theory is backed by venture builder and investor REAPRA.
In a statement, Tribe Theory said Bharati, former head of VC investments at venture builder REAPRA, was inspired to launch Tribe Theory while backpacking for two years to over 50 countries and staying in hostels.
“We envision a home-grown hotel chain brand for Southeast Asia and aim to open at least two more locations this year in cities across Southeast Asia with eight to ten venues within the next two years,” Bharati said.
Tribe Theory quoted a study conducted by Smith Travel Research, which found that economy hotel chains represent 3 per cent of total hotels in Southeast Asia, severely lagging behind 10 per cent in Japan and 44 per cent in China.
“Considering the entrepreneurial nature of the region, Tribe Theory aims to fulfil the need for connectivity and affordable accommodation for entrepreneurs by creating a new category in hospitality,” the company said.
To date, Tribe Theory has lodged over 500 global entrepreneurs from over 40 countries in Singapore over its 3-month pre-launch period including, Australian entrepreneur Daniel Liang, Founder and CEO of Qnect, who stayed in the hotel while raising a round of funding.