Singapore-headquartered co-living startup Cove has secured US$ 4.6M in a funding round held in December 2020, led by Keppel Land along with participation from Idinvest Partners, a subsidiary of Eurazeo Group and existing investors Antler, Venturra, Yuj Ventures, Picus Capital, Found Ventures and multiple unnamed angel investors.
Proceeds from the funding round will be used by the startup in expanding its reach into other leading markets like Vietnam and the Philippines.
Founded in 2018 by Guillaume Castagne, Luca Bregoli and Sophie Jokelson, Cove is a steadily growing co-living startup that leverages technology and innovation to transform room rentals. Cove homes combine flexibility and convenience with luxury and style for a seamless transfer into a new city for the growing generation of mobile working professionals. Its properties come fully-furnished along with other essentialities like WiFi, housekeeping and utility services at an all-inclusive rate. The terms and conditions in its contract are flexible with short minimum stays and no agent fees to pay. Occupants also get access to a lively community with regular social events and perquisites so they feel as if they are a part of the family from the moment they move in. The startup has over 200 rooms across Singapore, and are ready to expand their presence locally in 2020.
According to a statement, the startup also said it is on a good growth route as it has up to now already expanded from Singapore to Jakarta with a total of 550 rooms in just 2 years. Along with that, it has also constructed a student co-living space outside of Jakarta in association with Indonesian real estate developer the Lippo Group.
Tan Swee Yiow, CEO of Keppel Land said, Cove has a complementary expansion plan into the markets in Southeast Asia where Keppel Land is already present. He added that the startup will be able to utilize Keppel’s experience and extensive networks as it scales up in providing well-managed, quality homes to an increasing section of people looking for creative shared living spaces that offer exclusive and vivacious community experiences. Regardless of the stiff competition from Cove’s many rivals including Hmlet, The Ascott Ltd, Login Apartment, CP Residences and more, its co-founders continue to see huge potential in co-living spaces as they believe fewer people will be purchasing properties owing to excessively inflated prices and more versatile lifestyle needs. Cove’s solution will lead to people finding more simple and stress-free solutions.
Previously, Cove bagged US$ 2M in a seed funding round held in 2019, co-led by Venturra, Yuj Ventures, Investigate, and Picus Capital along with participation from Aetius Capital, Found Venture and some unnamed angel investors.
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