Singapore-based co-living operator Hmlet has raised US$40 million ($54.6 million) in a series B funding round. This will allow the company to continue bridging gaps in demand for affordable, flexible, and secure housing across the region, Hmlet says in a press release.

The latest funding round was led by Burda Principal Investments, with participation from existing investor Sequoia India and new investors Mitsubishi Estate Co and Reinventure Group. In November 2018, Hmlet successfully raised US$6.5 million in Series A funding, on top of its initial US$1.5 million seed funding round in 2017.

“We believe Hmlet is creating a product that addresses the changing lifestyle needs of today’s young working professional, which we are seeing globally. We have been very impressed with their ability to grow quickly while working closely with building owners and landlords, and are excited to support them on their next phase of growth,” says Albert Shyy, principal of Burda Principal Investments.

The most recent funding will go towards continuing to grow Hmlet’s presence in its existing markets of Singapore, Hong Kong, and Sydney. In Singapore, the co-living operator will launch its largest property here at 150 Cantonment Road. The 150-room property will include communal kitchens, a wellness studio, and an all-day, in-house café. The company also plans to expand into Melbourne, Brisbane, and Tokyo.

The three-year-old Hmlet manages over 1,500 rooms today, and plans to establish itself across 10 cities in five countries over the next two years.