Cove Singapore team
Cove, a Singapore-headquartered co-living company targeting young professionals and students, has closed a US$4.6 million in a financing round from Keppel Land, the property arm of Singapore’s Keppel Corporation.
Other investors who joined the round include Idinvest Partners, a subsidiary of Eurazeo Group, along with existing investors Antler, Venturra, Yuj Ventures, Picus Capital, Found Ventures and several unnamed angel investors.
The fresh funds will go towards extending the company’s geographical reach into other key markets like Vietnam and the Philippines.
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In a statement, Cove also said it is on a good growth trajectory as it has so far already expanded from Singapore to Jakarta with a total of 550 rooms in just two years.
In addition to that, it has also built a student co-living space outside of Jakarta in partnership with Indonesian real estate developer the Lippo Group.
Cove tenants
“Cove has a complementary expansion strategy into markets in Southeast Asia where Keppel Land is already present. It will be able to leverage our experience and wide networks as it scales up in providing well-managed, quality homes to a growing segment of those seeking creative shared living spaces that offer a unique and vibrant community experiences,” Tan Swee Yiow, CEO of Keppel Land, said.
Founded in 2018, Cove offers a one-stop solution to those looking to rent rooms and studios. Its properties come fully-furnished with WiFi, housekeeping and utility services at an all-inclusive price. Contract terms are flexible with short minimum stays and there are no agent fees to pay.
Tenants also get access to a vibrant community with regular social events and perks so they feel part of the family from the moment they move in.
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At present, there are about eight co-living companies in Singapore which include Hmlet, The Ascott Ltd, Login Apartment, CP Residences, SOHO, Easycity and Commontown.
Despite the stiff competition, Cove’s co-founders continue to see huge potential in co-living spaces as they believe fewer people will be buying properties due to “prohibitively inflated prices and more flexible lifestyle needs”. This will result in the need for people to find more simple and relaxed solutions.
In 2019, Cove raised US$2 million in a seed funding round co-led by Venturra, Yuj Ventures, Investigate, and Picus Capital, with participation from Aetius Capital, Found Venture and some unnamed angel investors.
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Image Credit: Cove
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