LiveIn, a prominent Southeast Asian provider of affordable long-stay rental solutions, announced that it has secured $8.3 million in pre-Series B funding.
The investment round was led by Wavemaker Partners and InterVest, with notable participation from Malaysia Debt Ventures Berhad (MDV), Jungle Ventures, and CAC Capital.
This funding round underscores the investors’ strong confidence in LiveIn’s growth trajectory and innovative approach. The capital will be instrumental in accelerating LiveIn’s expansion into key cities across Southeast Asia, enhancing its position in the market.
Founded by Keek Wen Khai and Joey Lim, LiveIn, based in Malaysia, has made a name for itself by providing affordable, quality long-term rental options through an online-to-offline platform.
The company is poised to add 10,000 rooms to its platform, maintaining high occupancy rates in existing markets like Malaysia and Thailand, while planning to enter new markets in Vietnam and Indonesia by 2024. Currently, LiveIn employs a team of 120 across Malaysia, Thailand, and Singapore.
Khai, Co-founder and CEO of LiveIn, expressed enthusiasm about the new funding, emphasizing its role in supporting the company’s market penetration and service enhancement, particularly for young people seeking quality living spaces.
Eric Manlunas of Wavemaker Partners lauded the founders for their resilience and innovative approach, especially during the challenges posed by COVID-19. Similarly, Simon Baek from InterVest highlighted the company’s impressive growth and successful adaptation of its business model in different markets.
The new funding is earmarked for LiveIn’s strategic growth, including expansion in Thailand and entry into Vietnam and Indonesia. This will involve both organic growth and acquisitions, with a focus on expanding the company’s managed portfolio and hiring top talent.
LiveIn’s business model, characterized by an average occupancy rate of 90% in Malaysia and Thailand, has been successful due to its unique approach to long-term rentals. The model benefits both tenants and property owners and ensures scalability and profitability for the company.
In addition to its current growth plans, LiveIn is also eyeing expansion into the Philippines, furthering its commitment to addressing the challenge of affordable housing in densely populated Southeast Asian markets. The company’s innovative approach is expected to make a significant impact in these new markets, transforming the lives of many young urban residents.
This latest development marks a significant milestone for LiveIn, reinforcing its status as a leader in long-stay rentals in the region and opening new avenues for growth and innovation.
BusinessNewsAsia.com