Habyt, a flexible housing provider, secures €40 million in series C funding

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SORA by SingHaiyi Group

Flexible housing company Habyt is raising EUR40 millions ($58 millions) in an investment round in the series C. In a press release, the company explains that it was backed by the new investor Korelya Capital, a Paris-based investment firm, as well as German’s Deutsche Invest.

SORA by SingHaiyi Group held 30% each, with Chip Eng Seng holding the remaining 40% stake; collective sale reached S$260 million

The other investors are Dutch investment company Exor as well as Endeavor Catalyst. Current shareholders P101 and ITALIA500-Azimut, HV Capital, Vorwerk Ventures, Norwest, Kinnevik, Burda Principal Investments, and Inveready will also be part of the round of funding.

“We have broken down barriers and aiming to provide an easy access to housing which allows anyone to live a an individualized lifestyle anywhere around the globe,” says Luca Bovone the chief executive officer of Habyt. “We have seen an exponential increase and have raised an impressive series C, with the help of existing and new investors despite a decrease in series C round totals all over the world during the year.”

Since the EUR20 million Series B funding round of 2021 Habyt is witnessing a number of mergers. In 2022, the company merged with Singapore-based co-living company Hmlet. Although the latter initially kept the brand name however, the company in July announced the rebranding process that has the entirety of Hmlet’s properties in Singapore in Singapore and Hong Kong operating under the Habyt name.

In the early 2023’s, Habyt merged with Common, the largest operator of co-living across North America. Habyt currently has 30,000 units in fifty cities across three continents, more than triple the 5,000 units spread across 18 cities that it had managed in the last fiscal year. The company claims its net income grew more than forty% during 2023 and the company earning profits “in the majority of key regions”. The company is aiming for an early 2024 period of group-wide profitability.

“What really excites me is the global reach of Habyt, with a significant presence throughout Asia, Europe and the US, Europe and Asia,” remarks Franco Danesi who is a partner at Korelya Capital and Habyt board member. “We are convinced of Habyt’s visionary approach to changing the definition of flexible housing. And we’re eager to help Habyt’s journey by making it easier to access appealing areas like Asia.”

Habyt promises expanding its portfolio in order to expand into new markets while creating ESG (environmental social and governance) initiatives and developing technology-driven solutions. For Asia Pacific, the firm is now in a better position to invest further in its main regions which include Hong Kong and Singapore, says Jonathan Wong, CEO of Habyt Apac. “APAC. We are delighted to assist solve the issues faced by the residents of both countries in the region’s dynamic growth, and in doing so, help fuel Habyt’s rapid growth,” he adds.