Dash Living, which provides serviced living and co-living spaces in Hong Kong and Singapore, said today it has raised over US$8.8 million in a Series A round of financing from a clutch of investors including Grosvenor Asia Pacific, an international property company.
Gobi Partners and Taronga Ventures, besides existing investors Clearmind Capital, Mindworks Ventures and a group of individual investors, also co-invested.
The capital will help Dash Living launch its serviced rental solutions in Japan and Australia. It also plans to expand in Southeast Asia beyond Singapore, focusing on countries and markets with a high density of hyper-mobile millennials and where accommodation is expensive.
Dash Living will also use the cash for expansion of its asset-light management model for long-stay and software as a service for landlords, implement new features on its mobile app, improve existing AI tools, broaden the access of its global premium amenities and stimulate more user-generated content and events.
Founded in 2014 by Aaron Lee, Dash Living is a “new generation of rental solution” for urban professionals. Its mission is to create a global accommodation community through sharing economies, tech and Artificial Intelligence, empowering today’s hyper-mobile, tech-savvy millennials to live in the most expensive cities in the world.
Dash Living offers a collection of apartments, co-living homes and hotel rooms across prime areas of Hong Kong. It also has over 600 units in multiple prime locations across Singapore.
The firm claims to have grown to manage and operate over 1,300 units across serviced apartments, co-living homes and hotel rooms across Asia. It has more than 280,000 square feet under its management.
In addition to the above features, Dash Living also provides a series of perks to its tenants, including free access to a variety of co-working spaces, free professional fitness centre membership, and a multitude of wellness, dining and shopping options with discounts.
Apart from this, Dash Living invites its tenants to attend and host events to bring the “serviced living community” to life through yoga, fitness, and other leisure activities.
“Affordable housing is a huge problem in Hong Kong and other major cities in Asia that affects young professionals immensely. Dash Living addresses this problem directly by using technology and the sharing economy, while creating a lifestyle atmosphere and community around it that will open up future growth opportunities for the space,” said Lee.
“The line between traditional residential and experience-centric accommodation is increasingly blurring. A rapidly emerging consumer segment seeks connected premium amenities, with the flexibility offered in a shared economy,” said Avi Naidu, Managing Partner at Taronga Ventures.
“For landlords to succeed in this space, location is simply not enough. It is essential to have the right mix of technologies to understand tenant needs and bring operational efficiencies to the landlord, balanced with a deep appreciation of customer-first hospitality,” Naidu added.
Image Credit: Dash Living
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