Singapore-based co-living startup Hmlet is merging with Habyt, a leading flexible living provider in Europe.
Both firms are in the co-living industry, and offer tenants accommodations for both long and short-term stays.
Together, the group will manage over 8,000 units worldwide, in 10 countries and 20 cities.
Hmlet will continue to operate under its own brand name but as part of the Habyt group, with Hmlet CEO Giselle Markarachvili becoming Head of Asia Pacific (APAC) for Habyt.
Founded in 2016, Hmlet has around 1,200 units in Singapore, Hong Kong, and Japan, and expects to reach 2,300 units in the APAC region by the end of 2022.
Abheek Anand, Managing Director at Sequoia Capital India, supported the merger, saying that the partnership will help Hmlet scale the business across new markets, especially in the APAC region.
Sequoia Capital India had in 2018 led a Series A funding round for Hmlet, and alongside other venture capital firms, raised US$6.5 million for the company.
Hmlet in 2019 raised US$40 million in its Series B round.
Other investors also expressed support on the merger, including Christian Teichmann, CEO at Bruda Principal Investments.
Hmlet is actively expanding its offerings, having just launched Hamilton, a new building in Singapore, comprising a row of eight conservation shophouses that have been refurbished to accommodate Hmlet’s brand standards. It also recently signed three new buildings in Hong Kong.
Featured image credit: Hmlet
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