On May 28, Malaysian startup LiveIn shared that it has surpassed US$10.95 million in funding for its pre-Series B round.
This milestone was achieved due to a new US$2.6 million investment by Korea Investment Partners (KIP), which is an extension from the US$8.3 million pre-Series B round led by InterVest Co., LTD and Wavemaker Partners, announced in December 2023.
“This investment will enable us to enhance our long-stay accommodation solutions, expand our market presence, and continue to deliver exceptional value to our customers and stakeholders,” the company posted on LinkedIn.
Khai, who is also the CEO, said, “This partnership, alongside the backing of InterVest and other esteemed global investors, propels us closer to our goal of creating vibrant, affordable communities for young adults in Southeast Asia by shaping a better living experience for them.”
Who is LiveIn?
LiveIn is a property tech (proptech) startup and long-stay provider in Malaysia.
The startup was established in 2020, but its predecessor, Hostel Hunting, was founded in 2015 by the co-founders, Joey and Khai.
With a goal to revolutionise long-stay rental spaces for young audiences, LiveIn’s vision is all about creating vibrant and inclusive long-stay rental communities where everyone has access to safe and affordable comfort.
“We strive to bridge the gaps between property owners and young renters, providing a platform that ensures convenience, affordability, and a sense of belonging,” its website stated.
To do this, LiveIn has its own online-to-offline managed platform that aims to easily transform existing properties into affordable rental homes, specifically targeting vacant properties.
Leveraging second-tier locations and offering rates that are below market standards, LiveIn empowers students and young professionals to pursue their dreams in urban centres without compromising on affordability or quality of living.
According to the press release, there are 60 million young adults in the Southeast Asian region, and many relocate to economic centres in search of better opportunities. However, they often cannot access quality housing options.
At the same time, owners of older buildings face a dwindling return due to newer, more competitive offerings.
“Our mission is to bridge the gap between property owners and young renters by providing accessible, community-centric housing solutions,” Khai said.
“With the support of our investors, including Korean Investment Partners, we can push forward in aggressively increasing our footprint in the region and continue making a positive impact on the lives of our residents.”
In December 2023, it was reported that the company was on track to onboarding 10,000 rooms onto its platform.
The platform has already been operating in Malaysia and Thailand, and entered Vietnam this year. The press release stated that it has an impressive average occupancy rate of 90% in the three countries.
Moving forward, it also aims to foray into Indonesia and the Philippines.
Who are the investors?
According to a press release, the new funding complements LiveIn’s previous pre-Series B funding round in December.
It had been led by InterVest, which is one of Korea’s top five funds and a General Partner (GP) of the Korea Development Bank (KDB). Interestingly, KIP is also a GP of the KDB.
The releases added that on top of KIP, InterVest, and Wavemaker Partners, LiveIn has also attracted investments from prominent global investors in Singapore, Japan, Korea, Malaysia, and the US between December 2023 and February 2024.
This goes to show that the Malaysian company has quite the global appeal and strong growth trajectory.