The online corporate apartment rentals startup will use the funds to increase marketshare in Singapore as well as to expand into another Asian city
Singapore-based MetroResidences, a platform connecting business travellers with quality apartments, has secured US$1 million in seed funding, led by Silicon Valley-based accelerator-cum-early-stage fund 500 Startups.
Phey Teck Moh (former CEO of Pacific Internet), Lim Dershing (Founder of JobsCentral), Linus Lim (Co-CIO at Phillip Capital Management) and Ashok Melwani (CEO of A B Melwani) also co-invested.
The one-and-half-year-old startup will use the funds to increase its marketshare in Singapore as well as to expand into another city in Asia by the end of this year.
It also aims to double its effort on growing existing assets through a multichannel and stakeholder approach by targeting developers, private investors, real estate funds and existing property management companies.
MetroResidences was launched in 2014 with the aim of making corporate stays more affordable. It offers a hassle-free turnkey furnishing, housekeeping and maintenance solution by converting existing residential assets into high-yielding serviced residences for business travellers.
The firm claims that within just 18 months, its portfolio has grown from just 10 to 200 apartments across the island nation. To date, it has housed over 100 MNCs and 200 SMBs, chalking up to over 10,000 apartment nights booked.
Khailee Ng, Managing Partner at 500 Startups, said: “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.”
500 Startups has invested in over 1,400 companies in 50 countries since inception in 2010. In Southeast Asia, it has invested in over 70 companies, including iMoney, GrabTaxi and Bukalapak.
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