Singapore: MetroResidences, an online platform which lets individuals rent their apartments to corporate travellers has raised S$1 million seed funding.
The funding round was led by global venture capital seed fund
and startup accelerator 500 Startups.
The company, which is 18 months old, has more than more than 200 furnished apartments in its portfolio. It says it will use the proceeds from this funding round to capture 10 per cent of the serviced apartment market in Singapore, and to expand to one other Asian city within the next 12 months.
The team behind MetroResidences - co-founders Lester Kang and James Chua - have been running another portal called PandaBed for the last two years. MetroResidences claims to have housed more than 100 multinational companies and 200 SMEs, totalling more than 10,000 apartment nights booked.
Khailee Ng, managing partner at 500 Startups, said of the Singapore market: "For a long time corporates had to rely on brands such as Frasers and Ascott. MetroResidences is now offering them a fresher option, to take a piece of this billion dollar market." he added.
Lester Kang said: "Whilst many companies look at seed funding as a finite runway, we believe in operating our business such that we are maintain a cash flow positive position. We take a long-term perspective and prioritise business continuity. That said, the $1 million funding will be pumped into growing the sales team, to acquire more quality assets and improve our sales platform to serve customers more efficiently and effectively."