Flexible housing provider Habyt raises EUR40 mil in series C funding

Habyt, the flexible housing provider, has successfully secured EUR40 million ($58 million) in a series C funding round. This is the largest funding round the company has seen to date. The round was led by new investors, such as Paris-based Korelya Capital and Germany’s Deutsche Invest. Other new investors included Dutch investment firm Exor and Endeavor Catalyst. Existing shareholders P101, ITALIA500-Azimut, HV Capital, Vorwerk Ventures, Norwest, Kinnevik, Burda Principal Investments, and Inveready also joined in.

Luca Bovone, CEO of Habyt, spoke about the investment: “We are breaking barriers and aim to enable easy access to housing, allowing anyone to embrace flexible living anywhere in the world. We have seen exponential growth and raised a significant series C with support from existing and new investors, despite a drop in series C rounds across the board this year.”

The development will include a range of residential, commercial and retail spaces that will be surrounded by green spaces. The district will feature a range of amenities such as parks, recreational facilities, dining options and shopping malls. Additionally, the district will be easily accessed via the existing MRT network which will provide convenient access to the rest of Singapore. It is envisioned that the Jurong Lake District Condo will become one of Singapore’s most sought-after residential destinations, providing a modern urban lifestyle for its inhabitants. With its prime location and modern amenities, Jurong Lake District Condo is sure to be one of the most desirable places to live in Singapore.

Since its EUR20 million series B round in 2021, Habyt has seen a series of mergers. In 2022, it merged with Singapore-based co-living platform Hmlet – the latter initially retained its brand name, but in July this year the group announced a rebranding exercise with all of Hmlet’s properties across Singapore and Hong Kong operating under the Habyt name. This was followed by an earlier merger with Common, the biggest co-living operator in North America.

Habyt now has 30,000 units across more than 50 cities on three continents – this is a six-fold growth compared to 5,000 units in 18 cities it managed as of last year. The company reports that its net revenue has risen over 40% in 2023, and it is targeting group-level profitability in early 2024.

Commenting on the investment round, Franco Danesi, partner at Korelya Capital and Habyt’s board member, said: “What truly excites me is Habyt’s unparalleled global footprint with significant presence in the US, Europe and Asia. We believe in Habyt’s bold vision of redefining the world of flexible housing, and we are keen to support them on their journey by facilitating access to attractive geographies such as Asia.”

Looking forward, Habyt will expand its portfolio to enter new markets, develop ESG initiatives, and enhance tech-driven solutions. In Asia Pacific, the company is better positioned to continue investing in its core markets of Hong Kong and Singapore. Jonathan Wong, CEO of Habyt Apac, spoke about the potential: “We are excited to help address the challenges faced by local and international residents in this dynamic region, and by doing so, fuel Habyt’s growth trajectory.”