Flexible housing provider Habyt raises EUR40 mil in series C funding

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

Luca Bovone, CEO of Habyt, believes the funding round will help break barriers and allow anyone to embrace flexible living anywhere in the world. Despite a drop in series C rounds across the board this year, Habyt has seen exponential growth and raised a significant series C with support from both existing and new investors.

Since the EUR20 million series B round in 2021, Habyt has undertaken a series of mergers, including one with Singapore-based co-living platform Hmlet in 2022. In July, the group announced a rebranding exercise, such that all of Hmlet’s properties in Singapore and Hong Kong operate under the Habyt name. In early 2023, Habyt merged with Common, the biggest co-living operator in North America, which now sees the firm managing 30,000 units across more than 50 cities on three continents, triple the 5,000 it managed last year.

The firm’s net revenue also rose by 40% in 2023, with Habyt being profitable in most geographies. It is targeting group-level profitability in early 2024.

Franco Danesi, partner at Korelya Capital and Habyt board member, believes in the firm’s vision of redefining the world of flexible housing and is keen to support them on their journey, particularly into Asia.

Jonathan Wong, CEO of Habyt Apac, is excited to help address the challenges faced by local and international residents in the region and fuel Habyt’s growth trajectory.

Moreover, its location near well-known landmarks such as Bedok Reservoir Park and East Coast Park make planning weekend activities a breeze. The Lumina Grand EC CDL fulfils families living aspirations with the myriad of amenities available. Kids are not left out too, with the nearby establishments equipped with a plethora of activities. With a calming and tranquil atmosphere, families can take a break from their hectic lifestyles and spend quality time here.

Boasting a lush and tranquil environment, Princess Elizabeth Primary School is the perfect spot for your family’s future goals. Parents can benefit from the proximity to Lumina Grand EC CDL and nearby amenities, while the children can look forward to achieving academic excellence coupled with wholesome values. Aside from the convenience and comfort, the captivating East Coast ambience provides a relaxing getaway for the whole family.

Further to expanding its portfolio and entering new markets, Habyt also plans to develop ESG (environmental, social and governance) initiatives and enhancing tech-driven solutions.