Reinventure and Mitsubishi Estate took part in a Burda Principal Investments-led round that will enable Hmlet to open additional co-living spaces in Australasia.

Singapore-based shared living space operator Hmlet received $40m yesterday in a series B round led by Burda Principal Investments, the corporate venturing arm of media group Hubert Burda.

Real estate developer Mitsubishi Estate and Reinventure, the venture capital fund backed by financial services firm Westpac, also took part in the round, as did VC firm Sequoia India and several unnamed angel investors.

Founded in 2016, Hmlet operates co-living spaces in Singapore, Hong Kong and Australia that offer facilities such as communal kitchens, wellness studios and cafes on the premises.

A portion of the funding will be used to launch sites in the cities of Melbourne, Brisbane and Tokyo, with additional capital being set aside to grow the company’s presence in its existing markets.

Hmlet received $1.5m in a late 2017 seed round led by Aurum Investments, the corporate venturing vehicle for construction and civil engineering firm Woh Hup.

The round also featured Collision8, a co-working space provider that is also a Woh Hup subsidiary. It came 12 months before Sequoia India led a $6.5m series A round for the company in November 2018.

Albert Shyy, principal at Burda Principal Investments, said: We believe Hmlet is creating a product that addresses the changing lifestyle needs of today’s young working professional, which we are seeing globally. We have been very impressed with their ability to grow quickly while working closely with building owners and landlords, and are excited to support them on their next phase of growth.