LifeX bags €7.5 million seed round

George Sell George Sell Uploaded 13 October 2019

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Denmark: Copenhagen co-living operator LifeX has secured €7.5 million in a seed round led by Cherry Ventures and Founders.

LifeX is one of the largest networks of co-living homes in Europe. It provides large apartments, decorates them in a Nordic style, provides weekly cleaning services, and does not require any long-term commitment on the part of residents. Membership is flexible, unlike traditional long-term leases.

Its members are described as "a built-in social network for those facing a new city alone".

In an unprecedented age of professional flexibility, globalised workforces, and the digital nomad, young people are moving across countries and continents to build lives around their careers.

LifeX aims to serve this demographic by partnering with employers, including startups such as N26, Pleo, and Delivery Hero. LifeX apartments are currently available in Copenhagen, Berlin, London, Paris, Munich, and Vienna, with more than 300 members from over 50 countries.

LifeX co-founder Ritu Jain said: “While moving from San Francisco back to Copenhagen we struggled to find a place to call home. In the end we decided to try and rent a big flat in the city centre, make it into a beautiful Nordic-style home and see if anyone was interested in sharing it. We told a few of our co-workers about it, and the first home was full in a matter of days. That was just two years ago. Now we have more than 50 co-living homes in six European cities, a thriving and happy community of international members. We’re planning to grow to 80+ homes and seven cities by the end of this year.”

The company said the new investment will enable growth across major European cities and accelerate “investment into its community and core technology”.

“We are reminded about the problem LifeX is solving on a daily basis,” said Christian Meermann, founding partner of Cherry Ventures. “Our portfolio of growing startups like Flixbus, are all struggling with helping their new talent settle in a city like Berlin. LifeX combines Nordic sense of design with an inclusive community and convenience, which makes it a perfect home for anyone who’s new to the city. We are super thrilled to partner with LifeX.”

In addition to the leading investors, the round also includes several European angel investors: David Helgason, founder of Unity; Hampus Jakobsson, founder of TAT; Sophia Bendz, Spotify’s first marketing head; Evan Darr, partner at Invesco; and several others. US-based TriplePoint Capital has provided venture debt.

 

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