Gravity raises $1.4 million for coliving expansion

George Sell George Sell Uploaded 21 January 2021

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UK: London-based coliving start-up Gravity has raised $1.4 million to fund its growth plans.

The company, founded by Riccardo Tessaro and Susanna Rock, has three properties located in London – one in Finsbury Park and two in Camden.

The company says it has witnessed "high growth due to the lockdown loneliness caused by the COVID-19 pandemic". It intends to use the investment to "expand its borderless community globally, thereby increasing the range of flexible homes to its members".

The company is working on projects with strategic real estate partners in London, Paris and Barcelona. It aims to develop "a co-living spaces network in major business hubs all over the world" and has a pipeline of expansion that will see its number of beds in London double in two months. Gravity will also focus on building up its team after doubling its headcount during the pandemic.

Co-founder and CEO Tessaro said: “We’re currently in a new era of coliving. People are done with the ‘hustle harder’ culture, and the pandemic has meant that people have realised there’s more to life than just work. We are currently witnessing increased interest in co-living from the public. I think we can expect to see a co-living boom and a wave of renters moving towards a product that adds value to their lives. We’re seeing the needs of the entire workforce changing and the renting market needs to reflect this."

Gravity is also announcing a series of strategic tech and startup partnerships "in order to make London more accessible for entrepreneurs and talent to live, work and grow". One is with coding bootcamp Le Wagon.

Katherine Willis at Le Wagon said: “At Le Wagon, we have a hugely diverse community of applicants, students and alumni, so offering accommodation options is something we’re proud of! We like Gravity because it’s not just somewhere to sleep, it’s also a thriving community focused on wellness and professional development. Those not from London can feel at home and even more connected to their bootcamp peers.”

 

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