Co-living operator Gravity Co has just raised over €5.7 million to support the international expansion of its co-living and PRS brand. The startup is in good company as global investments in the sector take off.
Co-living is a growing phenomenon, particularly amongst millennials, based on a community approach to living. It’s a concept that involves living, working and relaxing/playing in a shared space full of like-minded people. Co-living spaces are furnished and well designed – removing the need to make investments for people who prefer to live a lighter life and have less asset responsibility. It’s also a great way for young people to connect with new people.
Shaking up the modern real estate market
Aiming to disrupt the real estate market with its tech approach to co-living, Gravity Co has just picked up about €5.7 million. It comes following similar big announcements in this space, with Adam Neumann closing about €349 million for his new venture, Flow, from Andreessen Horowitz. Being the largest ever individual check ever written by a16z, not only is this a strong signal for VC & PE funds active in the real estate sector but it will also likely boost the interest of more generic investors to back companies disrupting the residential / living real estate market globally.
Founded in 2017 by ex-Bricks Capital Riccardo Tessaro and ex-GAM Investment Susanna Rock, Gravity Co-living is on a mission to improve the lives of today’s rental generation globally, through a community-centred, effortless and borderless living experience.
The UK-based startup removes the existing pain points of renting, by offering a model based on the sharing economy. Co-Living is also a concept that matches the startup lifestyle and its flexibility is certainly appealing to digital nomads and young innovators.
Its community-led living experience continues to increase in popularity as more and more prospective tenants join Gravity’s waiting list, as well as expanding the UK pipeline project strategy is currently in motion to help fulfil demand, the brand also has its sights firmly fixed on the international market.
International plans
Working on a number of projects with strategic real estate partners in Paris, Barcelona and Milan (to name a few) Gravity will continue to develop a network of community-led, residential (co-living and PRS ) spaces in major business and tech hubs around the world, with the objective of getting to 1,000 operational beds by the end of 2023.
Riccardo Tessaro, Co-Founder and CEO: “It’s truly an exciting time for Gravity. We’ve had a great run in the UK over the past few years, even during extremely challenging times and are ready to take our brand international. Not only have we grown in terms of our portfolio, but also in terms of people, making some key hires in the UK, France, Spain and Italy, who will collectively focus on our acquisition strategy, launching our brand in some new and exciting locations.”
To support international growth plans and create a thriving, global community, Gravity is working towards launching the first social membership programme for non-residents. Social members will benefit from all the great perks offered to live-in members including access to events, discounts, and the community via the mobile app, plus access to various shared communal spaces and discounts on units on a short-term let basis around the world.
Susanna Rock, Co-Founder and CIO added: “With properties already earmarked for our international pipeline, we have already turned our thoughts to our series B fundraising round where we plan to bring in private equity firms and VCs who we are confident have grown their interest for the asset class.”
