Hmlet,a Singapore-based flexible living company, said Tuesday it is merging with Habyt, a European co-living player, to create a global company catering to the fast-growing flexible living sector.

Hmlet said in a statement that the combined group will have a presence in 10 countries and 20 cities.

Managing over 8,000 units and supporting 15,000 tenants each year, the new Habyt group will continue to seek growth opportunities in new markets and living segments to deliver on its mission of driving a revolution in the living industry, enabling people to live effortlessly and flexibly anywhere across the globe.

“As the leading growth platform in Asia Pacific (APAC), we are continuing to deepen our footprint in our existing markets and aiming to expand into new markets as well,” said Giselle Makarachvili, Hmlet Chief Executive Officer.

According to the statement, Hmlet will continue to operate under the same brand name but as part of the Habyt group, which will be led in Asia Pacific by Makarachvili, who will become Head of APAC for Habyt, together with Joshua Li, Hmlet’s Chief Revenue Officer, as Head of Expansion, APAC. The new Habyt group will be led by Luca Bovone, Founder and Chief Executive Officer of Habyt.

With 1,200 units in Singapore, Hong Kong and Japan, Hmlet will continue to target major hub cities in the region. It expects to reach 2,300 units in Asia Pacific by the end of 2022, consolidating its industry leading position.

The company has recently closed a funding round to power this growth from existing investors led by Burda Principal Investments and Sequoia Capital India as well as one new investor Sasscorp, all of whom will be shareholders in the new Habyt group. The round is also participated by Vorwerk Ventures, Aldea Ventures and Inveready.

This funding, coming as a precursor to an upcoming large Series C that is in the plans, will allow the company to continue deepening its footprint within the core markets and to expand presence in new gateway cities in the Asia Pacific region.

“The Hmlet team’s relentless focus on profitability and customer satisfaction has helped them ride out the tough challenges posed by Covid, and it’s been extremely encouraging to see the strong performance of the business in the last 12 months. The partnership with Habyt will help Hmlet scale the business across new markets, especially in the APAC,” said Abheek Anand, Managing Director, Sequoia Capital India.

Hmlet has just launched Hamilton, a new building in Singapore, comprising a row of eight conservation shophouses, 68 rooms, that have been completely refurbished to accommodate Hmlet’s brand standards. The property had a pre-opening occupancy of 78% and was fully occupied by the second month of opening.

The firm has also signed three new buildings in Hong Kong – Hmlet Knight on Wyndham, Hmlet Portland Street and another centrally located Hotel, all projected to open in the second quarter this year.

The firm will continue to focus on APAC expansion, now as part of the new Habyt group, who will keep driving industry consolidation in a market predicted to grow 300 percent in 2022.

“As an international venture capital firm active in both Europe and South-East Asia, we have always believed in cross-synergies between these two markets. The combination of Habyt and Hmlet is underlining the merger and acquisition potential, the bridge Europe and South-East Asia is having. We are convinced that we will see more deals between South-East Asia and Europe in the future,” said Christian Teichmann, Chief Executive Officer at Burda Principal Investments.

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