LifeX secures €6 million funding round

George Sell George Sell Uploaded 15 November 2020

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Denmark: Danish coliving operator LifeX has announced a new funding round of €6 million.

The round was organised through Founders, a Copenhagen-based startup studio together with Cherry Ventures, a Berlin-based VC fund.

Supplementary funds were also sourced through Væksttfonden. The funds will be used to strengthen LifeX’s presence in existing and new markets, fuel product development, and accelerate the company’s vision to “make anyone feel at home, anywhere in the world”.

Founded in 2017 by Sune Theodorsen and Ritu Jain, LifeX helps young professionals overcome the many challenges of finding housing and growing a social network. It is currently operational in six cities.

Theodorsen said: “We have been focusing on our community of members, which is the essence of LifeX. It was really important for us to remain approachable and reactive during these unprecedented times. We were due to release a new feature in our LifeX app, which aimed to enhance communication with our members. We identified the need to accelerate development of this feature and released it during the lockdown period, allowing us to maintain a closer line of communication with our members.”

“What we noticed during the crisis was that our members were very appreciative of not having to face this alone. They enjoyed spending time together, bonding and having their housemates as a support system to rely on. With millennials being coined the ‘loneliest generation’, we hope to provide our members with a space where they can exchange, develop friendships and blossom as individuals,” he added.

“I think what we do has only become more relevant. Coliving is not just a trend, it is here to stay and will continue to grow. With the way we work shifting to a more remote model, the time and care we spend curating our living spaces and community has become a great asset for us as well as increasingly attractive for our members.”

LifeX has now received close to €15 million of seed funding overall. It aims to raise a Series A round in the near future.

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