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Co-living startup Cove raises USD 4.6 million, aims to become category leader in Southeast Asia

Written by Georg Ackermann Published on 

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An AI-powered ‘flatmate compatibility tool’ helps to ensure that tenants stay in the properties for longer. 

Singapore-based Cove on Wednesday announced that it secured USD 4.6 million in a Series A round led by Keppel Land. Idinvest Partners, which is a subsidiary of Paris-based investment firm Eurazeo Group, participated together with the existing investors Antler, Venturra, Yuj Ventures, Picus Capital, Found Ventures, and other angel investors.

Cove co-founder and CMO Sophie Jokelson told KrASIA that the 2-year-old company wants to provide a “hassle-free and seamless” rental experience, “unlike to what currently happens in traditional rentals.” Its listing website allows people to explore properties in detail using VR tours, among other things, to see real-time property availability, and directly book a viewing.

Cove Birah at Senopati, Jakarta. Photo courtesy of Cove.

“We have recently launched a community app allowing Coveys to network, access member benefits and perks, as well as managing their tenancies directly in the app,” Jokelson said. In Singapore, she added, the company will offer an AI-powered “flatmate compatibility tool” to ensure that tenants form better bonds that keeps them in the properties for longer.

Cove is currently present in Singapore and Jakarta, with a total of about 550 rooms under management. Its biggest project is a purpose-built student co-living complex outside of Jakarta with 138 rooms, which was developed in partnership with Indonesian real-estate developer Lippo Group. Cove expects to double its offering in both cities in the next 6 months before extending its geographical reach to other markets in the region, such as Vietnam and the Philippines.

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