Grosvenor Asia Pacific, Gobi Partners, Taronga Ventures join Clearmind Capital, Mindworks in Series A round
Dash Living Raises Over USD 8.8m Series A Financing from New, Existing Investors to Launch in Japan, Australia, Expand Further in Southeast Asia
HONG KONG SAR - Media OutReach - 30 March 2021 - Dash Living, Asia's pre-eminent serviced living, coliving community in Hong Kong and Singapore, announced today it raised over USD 8.8 million for its Series A funding round, tapping a group of new and existing investors as it looks to expand into new regions, to develop new mobile app features to further enhance customers' coliving experience, and increase real estate efficiency through its AI, automation efforts, and an extended technology development team.
The round was invested by Grosvenor Asia Pacific, and joined by new investors Gobi Partners, Taronga Ventures, existing investors Clearmind Capital and Mindworks, in addition to a group of individual investors.
The funding will help Dash Living launch its serviced rental solutions in Japan and Australia, as well as expand further into Southeast Asia beyond Singapore, focusing on countries and markets with a high density of hyper-mobile millennials and where accommodation is expensive. The company also plans to use the cash infusion to expand its asset-light management model for long stay and software as a service (SAAS) with landlords, implement new features in its mobile app, improve existing AI tools, broaden the access of its global premium amenities and stimulate more user-generated content and events.
Founded by established entrepreneur Aaron Lee in 2014, Dash Living has now grown to manage and operate over 1,300 units across serviced apartments, co-living homes and hotel rooms across Asia. It has more than 280,000 square feet under its management. Dash Living provides more flexibility and a better living experience to people living in or visiting expensive cities in the region.
"This is a huge accomplishment for the entire Dash Living team and a big vote of confidence from such well-known investors in the real estate and technology space," Lee said. "Affordable housing is a huge problem in Hong Kong and other major cities in Asia that affects young professionals immensely. Dash Living addresses this problem directly by using technology and the sharing economy, while creating a lifestyle atmosphere and community around it that will open up future growth opportunities for the space."
Dash Living offers a collection of apartments, co-living homes and hotel rooms across prime areas of Hong Kong, including Causeway Bay, Wan Chai, Central, Tsim Sha Tsui, Jordan and Mong Kok, as well as newly opened projects in Aberdeen and Sheung Wan in collaboration with designer hotel group Ovolo. It also has over 600 units in multiple prime locations across Singapore.
"While many sectors have been hit hard over the past year, Dash Living is focusing on an area that has been amongst the most resilient." said Benjamin Cha, Chief Executive at Grosvenor Asia Pacific. "Dash is focused on solving problems with technology and the sharing economy. We're impressed with what the Dash team has achieved and are super excited for their continued growth and expansion.
"The line between traditional residential and experience-centric accommodation is increasingly blurring. A rapidly emerging consumer segment seeks connected premium amenities, with the flexibility offered in a shared economy. For landlords to succeed in this space, location is simply not enough. It is essential to have the right mix of technologies to understand tenant needs and bring operational efficiencies to the landlord, balanced with a deep appreciation of customer-first hospitality. Aaron and his team share this vision and have demonstrated their ability to execute on it. We are excited to support the next phase of their Asia Pacific expansion with our real estate partners across the region," said Avi Naidu, Managing Partner at Taronga Ventures.
Dash Living provides a series of perks to its tenants, including free access to a variety of co-working spaces, free professional fitness center membership, a multitude of wellness, dining and shopping options with discounts, and more. As well, Dash Living invites its tenants to attend and host events to bring the "serviced living community" to life through yoga, fitness, and other leisure activities.
About Dash Living
Dash Living is Asia's new generation of rental solution in Hong Kong & Singapore for urban professionals. Venture capital backed by MindWorks Ventures, and founded by serial entrepreneur Aaron Lee, Dash Living's mission is to create a global accommodation community through sharing economies, tech, and AI, empowering today's hyper-mobile, tech-savvy millennials to live in the most expensive cities in the world.