Habyt Raises $24M Series B & Merges with Homefully

The Rise of Co-Living and Habyt's Expansion

Following the emergence of WeWork and its co-working model, entrepreneurs began exploring the application of similar concepts to residential property. This led to the creation of co-living ventures like Common in the U.S. and Hmlet in Asia.

Within the European Union, Habyt quickly established itself, demonstrating significant growth through strategic acquisitions. The company has absorbed competitors including Quarters, Goliving, and Erasmo’s Room.

Recent Funding and Merger

Habyt recently finalized a Series B funding round, securing €20 million ($24 million). Simultaneously, the company merged with Homefully, a firm established in 2016 by Sebastian Wuerz.

This funding round garnered support from prominent investors such as HV Capital (previously Holtzbrink Ventures), Vorwerk Ventures, P101, and Picus Capital.

Expanding Footprint and Services

Founded in 2017 by Luca Bovone, Habyt now manages a portfolio exceeding 5,000 units across 15 cities and six countries.

The combined entity will provide fully furnished living spaces with comprehensive services. A key focus is a technology-driven user experience and the cultivation of a strong community atmosphere.

These offerings are specifically targeted towards young professionals, aged 20 to 35, who frequently change jobs and locations.

Statements from Leadership

Luca Bovone, Habyt’s founder and CEO, commented on the company’s trajectory and vision.

Sebastian Wuerz, founder of Homefully, stated: “The co-living market is undergoing consolidation, and Habyt has effectively capitalized on this opportunity to position itself as a global leader. This merger is a vital step forward, and I am enthusiastic about our team’s integration into this journey.”

Investor Confidence

Felix Kluehr, a partner at HV, expressed his confidence in Habyt’s position, saying: “We are pleased to see Habyt emerge as the dominant force in the European co-living market. HV is eager to support the team in realizing their ambitious goal of becoming the leading European co-living provider.”

A Membership-Based Approach

In an interview, Bovone described the company’s model as akin to a “member’s club.”

Habyt operates on a subscription basis, with members paying a monthly fee covering rent. This allows for flexibility, enabling members to easily relocate between properties across Europe.

The company’s core principle is encapsulated in its motto: “live anywhere.”

Impact of the Pandemic

Bovone noted that the pandemic shifted preferences, with individuals prioritizing comfortable home workspaces over traditional co-working spaces.

Many were willing to allocate an additional €50 to €100 per month for improved housing that facilitated remote work.

Addressing the Limitations of Traditional Housing

“Our customer base is increasingly seeking short-term stays – six months in Berlin, three months in Madrid, and then returning to Berlin,” Bovone explained.

“The conventional housing market struggles to accommodate this need, with inflexible contracts and associated utilities. We aim to provide a modern solution to this outdated system.”