Singapore-based co-living startup COVE just announced today that it has raised over US$2 million (S$2.75 million) in seed funding.
The startup will use the funds to expand its presence in Southeast Asia and also build its technology.
The round is led by investment firms from Indonesia, Singapore, and Europe, namely Venturra, Yuj Ventures, Investigate, and Picus Capital.
Others who took part in the round includes Aetius Capital, Found Ventures and several other angel investors.
COVE was founded in Singapore in 2018 through Antler, a startup generator, by three co-founders, Sophie Jokelson, Luca Bregoli, and Guillaume Castagne.
COVE Wants To Introduce New-Age House Rental
COVE’s co-living properties all come fully-furnished with “super fast wifi, weekly cleaning and all taxes and utilities in one all-inclusive monthly price”.
How COVE’s model differs from your typical house rental platform is that those who rent a place from COVE are able to gain access to “a vibrant community of flatmates through regular social and networking events”.
Contract terms are also relatively flexible, with only 3 months minimum stay and no agent fees to pay.
COVE cuts down the time taken for a potential tenant to find, view, and book a room to just a couple of days, a process that is said to typically take a few months.
They also use an AI tool to help match flatmates based on their living habits, values, and interests.
The firm also invests in smart home technology in their properties.
Since launch last year, COVE has reached nearly 200 bedrooms here, and has an ambition to grow rooms by over 10x in 2020.
To expand their inventory of rooms, COVE will increasingly be working with corporate asset owners and developers to both repurpose underutilised buildings or purpose-building for co-living.
According to a press release, they currently have several developments of over 30 bedrooms each in their pipeline for launch in 2020.