Singapore-headquartered co-living spaces operator Hmlet announced today that it has raised US$40 million in Series B round of funding, led by Burda Principal Investments. Also participating in the round are existing investor Sequoia India and new investors Mitsubishi Estate Co and Reinventure Group, besides a few unnamed angel investors.

In an official statement, Hmlet said the funds will be used to further fulfil demand for “affordable, flexible, and secure housing” across the company’s existing markets, especially in gateway cities such as Singapore, Hong Kong, and Sydney where housings are expensive.

The next in the pipeline is the plans for launch in Melbourne, Brisbane and Tokyo, adding to its more than 75 locations.

In Singapore, Hmlet is launching a 150-room property at 150 Cantonment Road, which the company claims to be its largest facility on the island to date. The spaces include communal kitchens, a wellness studio, and an all-day, in-house cafe.

Also Read: Co-living startup Hmlet signs Singapore-based dedicated co-living building

“When we launched Hmlet, we wanted to create a better way of living for an increasingly mobile workforce, who want a sense of home and community in whichever country they choose to live in,” said Yoan Kamalski, CEO of Hmlet.

“We believe Hmlet is creating a product that addresses the changing lifestyle needs of today’s young working professional, which we are seeing globally,” said Albert Shyy, Principal of Burda Principal Investments.

Since its establishment in 2016, Hmlet said it has managed over 1,500 rooms and is looking to build a network that spans across 10 cities in five countries within the next two years.

Also Read: Singapore-based Hmlet acquires Hong Kong’s co-living rental startup ‘we r urban’

The company recently raised a US$6.5 million in Series A funding led by Sequoia India in November 2018, and prior to that a US$1.5M seed round in 2017.

Burda Principal Investments was first opened in 2017 in Singapore as the growth capital arm of Hubert Burda Media, an international tech and media company headquartered in Germany. It has since invested in Series B stage companies like Zilingo and Carsome in addition to Hmlet.