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Danish co-living startup raises €6m to expand to European markets

16 November 2020 | Investment

Danish PropTech startup LifeX has announced a new funding round of €6 million euros to strengthen its presence in existing and new markets in Europe.

The recent funding round was organised through Founders, a Copenhagen-based startup studio, and Cherry Ventures, a Berlin-based VC fund.

As well as helping LifeX to expand, the funds will also allow the company to fuel product development and accelerate its vision to ‘make anyone feel at home, anywhere in the world’.

Founded in 2017 by Sune Theodorsen and Ritu Jain, LifeX aids young professionals with finding housing through a family-style approach to co-living. This includes providing shared living spaces filled with high-quality furniture to allow individuals to thrive in a hassle-free environment.

The provider also helps its members to grow their social networks through community fostering initiatives such as events, networking opportunities and more.

Despite the hospitality industry being hit extremely hard during Covid, the co-living operator has continued to find success thanks to its community, earning the trust of investors to further strengthen their relationship with LifeX.

Chief executive officer Sune Theodorsen says it was important to remain approachable and reactive during these unprecedented times.

He explains: “We were due to release a new feature in our LifeX app, which aimed to enhance communication with our members. We identified the need to accelerate development of this feature and released it during the lockdown period, allowing us to maintain a closer line of communication with our members.”

Additionally, LifeX strives to fight loneliness – an increasing challenge as many are in isolation brought on by lockdowns.

Theodorsen continues: “What we noticed during the crisis was that our members were very appreciative of not having to face this alone. They enjoyed spending time together, bonding and having their housemates as a support system to rely on.”

“With millennials being coined the ‘loneliest generation’, we hope to provide our members with a space where they can exchange, develop friendships and blossom as individuals.”

As a result, he remains optimistic in regards to the future of co-living. “Co-living is not just a trend; it is here to stay and will continue to grow. With the way we work shifting to a more remote model, the time and care we spend curating our living spaces and community has become a great asset for us as well as increasingly attractive for our members.”

With this latest capital injection, LifeX has now received close to €15 million of funding overall.

This post has originally been featured in Property Investor Today.