Co-living platform COVE secures more than US$2 million seed round

COVE, a new co-living platform, has raised over US$2 million ($2.77 million) in a seed round to expand its presence in Southeast Asia and build-out its technology.

The round is led by investment firms from Indonesia, Singapore, and Europe, namely Venturra, Yuj Ventures (backed by global investment firm, The Xander Group Inc), Investigate and Picus Capital.

The lead investors are joined by Singapore venture capital funds Aetius Capital and Found Ventures and a variety of strategic angel investors.

COVE was founded in 2018 by Guillaume Castagne (former VP of Marketing at Lazada), Sophie Jokelson and Luca Bregoli through startup generator Antler. The co-living platform uses an AI tool to help match flatmates based on their living habits, values and interests, and invest in smart home technology to enhance the living experience. It also reduces the time required to find a room from several weeks to a couple of days.

Since its inception, COVE has reached nearly 200 bedrooms and targets to grow the number of rooms by more than 10 times next year.