(Yicai Global) Nov. 13 -- Weave Co-Living has secured USD181 million from US private equity firm Warburg Pincus, the Hong-Kong-based collaborative living startup said in a statement.
The company will use the funds to grow its co-living rental accommodation portfolio to cities across Asia Pacific to over 10,000 bedrooms within five years, while Warburg Pincus has the right to up its investment to USD413.5 million.
Founded in 2017, Weave Co-living sets up residential communities for Asia's millennials, students and young professionals.
Weave regards hassle-free living as important and provides fully furnished single rooms. The rent covers utilities and internet charges with minimum leases of 12 months.
The firm's first property Weave on Boundary features women-only floors to boost security. It opened in August in Hong Kong and has achieved almost full occupancy.
Weave was founded by Sachin Doshi, the former head of Private Real Estate at the Netherlands-based APG Asset Management.
"We are excited to partner with Sachin and strongly believe that Weave, with its unique co-living product is well positioned to become a leading regional co-living rental accommodation provider." Said Joseph Gagnon, managing director of Warburg Pincus. "This partnership builds upon our established investments in the multi-family sector in mainland China and we continue to be attracted to the significant market potential of the sector across key gateway cities in Asia Pacific underpinned by strong demand for good quality rental accommodation options."
Editor: William Clegg