LiveIn, a provider of affordable long-stay rental property solutions in Southeast Asia, today announced that it has secured US$8.3 million in its pre-Series B funding round led by Wavemaker Partners and InterVest, with participation from Malaysia Debt Ventures Berhad...
LiveIn, a provider of affordable long-stay rental property solutions in Southeast Asia, today announced that it has secured US$8.3 million in its pre-Series B funding round led by Wavemaker Partners and InterVest, with participation from Malaysia Debt Ventures Berhad (MDV), Jungle Ventures, and CAC Capital.
The funding round will be used to fuel the Malaysia-based LiveIn’s expansion into other key cities across the region. It is set to enter Vietnam and Indonesia by 2024.
Founded by Keek Wen Khai (Khai) and Joey Lim, LiveIn offers affordable yet quality long-term rental options through an online-to-offline platform.
In a press statement, the company said that it is on track to onboard 10,000 rooms onto its platform while maintaining high occupancy rates in its existing markets Malaysia and Thailand. Presently, the company is run by a team of 120 employees across Malaysia, Thailand, and Singapore.
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LiveIn said that its unique approach to long-term property rentals has proven to be successful, boasting an impressive average occupancy rate of 90 per cent in Malaysia and Thailand. This model not only generates higher rental income for property owners but also offers tenants access to affordable, quality furnished housing. Simultaneously, it ensures scalability and profitability for LiveIn.
In terms of product update, LiveIn has streamlined its tenant onboarding process while enhancing its property management services such as fully furnished units, dedicated concierge services, and community events.
The company is keen on introducing new service features and forging strategic partnerships to reinforce its market position. As part of its strategy, LiveIn aims to expand into new urban areas to meet the evolving needs of young urban residents.
“Our team is energised by the recent injection of funds from our investors. It is a clear indication of their confidence in our ability to penetrate new markets aggressively and address the needs of our existing markets. We are witnessing a massive surge in demand for affordable long-stay rentals, with young people seeking more autonomy and quality living spaces. This new round of funding empowers us to direct more resources towards developing innovative service offerings that cater to the needs of our property owners and tenants, positioning them for success,” said LiveIn Co-founder and CEO, Khai.
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