Habyt says the round was led by new investors Korelya Capital, a Paris-based investment firm, and Germany’s Deutsche Invest (Picture: Habyt)
SINGAPORE (EDGEPROP) - Flexible housing provider Habyt has raised EUR40 million ($58 million) in a series C funding round. In an Oct 4 press release, the company says the round was led by new investors Korelya Capital, a Paris-based investment firm, and Germany’s Deutsche Invest.
Other new investors include Dutch investment firm Exor and Endeavor Catalyst. Existing shareholders P101, ITALIA500-Azimut, HV Capital, Vorwerk Ventures, Norwest, Kinnevik, Burda Principal Investments, and Inveready also participate in the funding round.
"We are breaking barriers and aim to enable easy access to housing, allowing anyone to embrace flexible living anywhere in the world,” says Luca Bovone, CEO of Habyt. “We have seen exponential growth and raised a significant series C with support from existing and new investors, despite a drop in series C rounds across the board this year.”
Since its EUR20 million series B round in 2021, Habyt has seen a series of mergers. In 2022, it merged with Singapore-based co-living platform Hmlet. While the latter initially retained its brand name, in July the group announced a rebranding exercise that now sees all of Hmlet’s properties across Singapore and Hong Kong operating under the Habyt name.
In early 2023, Habyt merged with Common, the biggest co-living operator in North America. Habyt now has 30,000 units across more than 50 cities on three continents, triple the 5,000 units in 18 cities it managed as of last year. The company adds that its net revenue rose over 40% in 2023, with the firm profitable “in most key geographies”. It is targeting group-level profitability in early 2024.
“What truly excites me is Habyt’s unparalleled global footprint with significant presence in the US, Europe and Asia,” remarks Franco Danesi, partner at Korelya Capital and Habyt board member. “We believe in Habyt's bold vision of redefining the world of flexible housing, and we are keen to support them on their journey by facilitating access to attractive geographies such as Asia.”
Habyt says it will continue to expand its portfolio to enter new markets, while also developing ESG (environmental, social and governance) initiaives and enhancing tech-driven solutions. In Asia Pacific, the firm is now better positioned to continue investing in its core markets of Hong Kong and Singapore, says Jonathan Wong, CEO of Habyt Apac. “APAC. We are excited to help address the challenges faced by local and international residents in this dynamic region, and by doing so, fuel Habyt’s growth trajectory,” he adds.