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Hong Kong property start-ups seek capital boost in anticipation of post-Covid-19 market rebound

Tuesday, April 06, 2021


(SCMP by Cheryl Arcibal) - Some Hong Kong property -related start-ups are on the hunt for fresh capital as they ramp up expansion plans, suggesting an imminent rebound in market confidence as the coronavirus pandemic comes under control.

Dash Living has secured US$8.8 million in its second round of funding from new and existing institutional investors as the co-living operator looks to expand beyond its current focus on the Hong Kong and Singapore markets. Co-working space operator theDesk is seeking more capital as it anticipates markets to return to more normal conditions.

“We are on the growth trajectory and the funding from [Series A] investment will bring strategic values for us to expand into Japan, Australia and Southeast Asia,” said Aaron Lee, founder of Dash Living. “Markets with a high density of hyper-mobile millennials and where accommodation is expensive” are particularly appealing, he added.

The firm is also spending to enhance customer experience through various aspects of its business, from technology innovation to tenant community and more, Lee said.

Investors in the latest financing round included the Asia-Pacific arm of UK property firm Grosvenor, pan-Asian venture capital firm Gobi Partners and Sydney-based Taronga Ventures. Its existing backers Clearmind Capital and Mindworks also chipped in.

 

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