Copenhagen-based proptech company LifeX, which sets up and manages a network of co-living homes for young professionals, has announced a €7.5 million seed financing round led by Cherry Ventures and Founders.
Founded in 2017, LifeX makes settling in a new city much easier, as it pre-packages everything people need to quickly feel at home – from beautifully styled apartments with Nordic design furniture in top locations, to the convenience of weekly cleaning and flexible membership terms to an embedded community of young professionals. LifeX is currently available in Copenhagen, Berlin, London, Paris, Munich and Vienna, with more than 300 members from over 50 countries.
“LifeX comes from our own problem. While moving from San Francisco back to Copenhagen, Denmark we struggled to find a place to call home,” said Ritu Jain, co-founder of LifeX. “In the end we decided to try and rent a big flat in the city centre, make it into a beautiful Nordic-style home and see if anyone was interested in sharing it. We told a few of our coworkers about it – and the first home was full in a matter of days. That was just two years ago.
“Now we have more than 50 co-living homes in six European cities, a thriving and happy community of international members. We’re planning to grow to 80+ homes and seven cities by the end of this year.”
LifeX already works with a lot of fast growing startups like N26, Pleo, Delivery Hero that are all struggling with the same problem: attracting foreign talent and making it easy for them to comfortably settle in a new city. The standard route is to come to a new city, stay in an expensive hotel or vacation rental and at the same time look for an apartment hoping for a landlord to reach back to you. In cities like Copenhagen, Paris, Berlin this process can drag for weeks or even months. You don’t know the city or neighborhoods at all, but you are forced to sign a long term lease and also invest in furniture, taking away all flexibility.
“We are reminded about the problem LifeX is solving on a daily basis,” said Christian Meermann, founding partner of Cherry Ventures. “Our portfolio of growing startups like Flixbus, are all struggling with helping their new talent settle in a city like Berlin. LifeX combines Nordic sense of design with an inclusive community and convenience, which makes it a perfect home for anyone who’s new to the city. We are super thrilled to partner with LifeX.”