Flexible housing provider Habyt raises EUR40 mil in series C funding

Habyt, a flexible housing provider, has recently raised EUR40 million ($58 million) in a series C funding round. The round was led by new investors Korelya Capital, a Paris-based investment firm, and Germany’s Deutsche Invest. Other new investors included Dutch investment firm Exor and Endeavor Catalyst, as well as existing shareholders P101, ITALIA500-Azimut, HV Capital, Vorwerk Ventures, Norwest, Kinnevik, Burda Principal Investments, and Inveready.

Luca Bovone, CEO of Habyt, says “We are breaking barriers and aim to enable easy access to housing, allowing anyone to embrace flexible living anywhere in the world.” He adds that despite a drop in series C rounds across the board this year, the company was able to see exponential growth in their funding round.

Since their 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, and in July the group announced a rebranding exercise that now sees all of Hmlet’s properties across Singapore and Hong Kong operating under the Habyt name. Additionally, Habyt merged with Common, the biggest co-living operator in North America in early 2023.

Habyt now has 30,000 units across more than 50 cities on three continents, triple the 5,000 units in 18 cities it managed as of last year. The company states that their net revenue rose over 40% in 2023, and they have become profitable in most of their key geographies. They’re targeting group-level profitability in early 2024.

Residents will enjoy access to a wide range of amenities including a fully-equipped gym, swimming pool, tennis courts, and other recreational activities. Champions Way Condo Woodlands also provides excellent access to nearby shopping, entertainment, and dining options. With easy access to public transportation, residents can easily explore the beautiful neighbourhood. Residents of Champions Way Condo will be able to make the most of their urban living experience.

Franco Danesi, partner at Korelya Capital and Habyt board member, says “What truly excites me is Habyt’s unparalleled global footprint with significant presence in the US, Europe and Asia. We believe in Habyt’s 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.”

Habyt aims to continue expanding their portfolio to enter new markets, while also developing ESG (environmental, social and governance) initiatives and enhancing tech-driven solutions. Jonathan Wong, CEO of Habyt Apac, states they are now better positioned to continue investing in their core markets of Hong Kong and Singapore, and adds “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.”

Recently, flexible housing provider Habyt closed a series C funding round, raising EUR40 million ($58 million). Led by new investors Korelya Capital and Deutsche Invest, the funding round was bolstered by contributions from existing shareholders P101, ITALIA500-Azimut, HV Capital, Vorwerk Ventures, Norwest, Kinnevik, Burda Principal Investments, and Inveready.

Since their EUR20 million series B round in 2021, Habyt has made a series of mergers. This includes merging with Singapore-based co-living platform Hmlet in 2022 and with the North American-based co-living operator Common in 2023. With their new investments, Habyt now has 30,000 units across more than 50 cities on three continents.

Habyt has seen a 40% increase in net revenue in 2023 and has become profitable in its key geographies.Franco Danesi, partner at Korelya Capital, emphasizes how Habyt’s global footprint positions them to tackle the challenges faced by local and international residents and fuel their growth trajectory. The company is targeting group-level profitability in early 2024.

Going forward, Habyt will continue to expand their portfolio, develop ESG initiatives, and enhance tech-driven solutions. Jonathan Wong, CEO of Habyt Apac, adds that they are well placed to invest in their core markets of Hong Kong and Singapore.