Singapore co-living startup Cove raises $4.6m in Keppel Land-led round

Co-living platform Cove has raised over US$4.6 million in a series A funding round led by Keppel Land, the real estate arm of Singapore conglomerate Keppel Corporation.

The Cove Singapore team/ Photo credit: Cove

Idinvest Partners, a unit of private equity firm Eurazeo, has also joined the funding round with existing investors including Antler, Venturra Discovery, Yuj Ventures, Picus Capital, Found Ventures, and other angel investors that have backed the company.

Cove provides move-in ready rooms and studios with flexible monthly contracts for tenants, who can book their stay through the company’s app or its online listing platform. The Singapore-based firm eliminates middlemen in the process and provides fully furnished properties at an all-inclusive price.

In the first half of 2021, Cove is looking to double its offering in Singapore and Jakarta to around 1,000 rooms from the current 550. It will also extend into other key markets like Vietnam and Philippines, the company said in a statement.

The fundraising comes despite tough housing market conditions that have forced prominent co-living startups like Hmlet to lay off half its headcount after the Covid-19 pandemic took a toll on the company’s financial health.

“Cove is at the forefront of the co-living revolution, enabling young professionals and students to embrace the opportunity of affordable, community-oriented long-term urban housing,” said Matthieu Bonamy, partner of Idinvest Partners.

The co-living platform has also established a student co-living space near Jakarta in partnership with Indonesian real estate developer Lippo Group.

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