It will be used for further expansion in Singapore, Hong Kong, and Sydney.
Singapore-based co-living operator Hmlet has raised $54.5m (US$40m) in a Series B funding round, led by Burda Principal Investments and participated by existing investor Sequoia India and new investors Mitsubishi Estate and Reinventure Group.
Hmlet said that the funds will be used for continued growth in the company’s existing markets of Singapore, Hong Kong and Sydney. They also outlined plans to launch at Melbourne, Brisbane and Tokyo.
The company also announced that it will soon launch its largest facility in Singapore to date which is a 150-room property at 150 Cantonment Road. The co-living spaces on the property will include communal kitchens, a wellness studio and an all-day, in-house cafe. The site was the Corrupt Practices Investigation Bureau's headquarters from 1998 to 2004.
Earlier, the company raised $8.9m worth of Series A funding in November 2018, and $2.05m during its seed round in 2017.
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