KUALA LUMPUR, December 27, 2023 – LiveIn, a leading provider of affordable long-stay rental property solutions in Southeast Asia, has successfully secured US$8.3 million in its pre-Series B funding round. The round was led by Wavemaker Partners and InterVest, with participation from Malaysia Debt Ventures Berhad (MDV), Jungle Ventures, and CAC Capital.
The latest funding serves as a testament to investors’ unwavering confidence in LiveIn’s trajectory of growth and innovation. It will be used to fuel LiveIn’s expansion into other key cities across the region.
Founded by Keek Wen Khai (Khai) and Joey Lim, Malaysia-based LiveIn has gained recognition for its affordable yet quality long-term rental options offered through an online-to-offline platform. The company is on track to onboarding 10,000 rooms onto its platform while maintaining high occupancy rates in its existing markets, Malaysia and Thailand. It is set to enter two new markets, Vietnam and Indonesia, by 2024. Presently, the company boasts a team of 120 employees across Malaysia, Thailand, and Singapore.
“Our team is energized by the recent injection of funds from our investors. It is a clear indication of their confidence in our ability to penetrate new markets aggressively and address the needs of our existing markets. We are witnessing a massive surge in demand for affordable long-stay rentals, with young people seeking more autonomy and quality living spaces. This new round of funding empowers us to direct more resources towards developing innovative service offerings that cater to the needs of our property owners and tenants, positioning them for success,” said LiveIn Co-founder and CEO, Khai.
Statements from key investors:
“We’ve been truly impressed by Khai and Joey’s genuine dedication to tackling a compelling problem in Southeast Asia through a business that’s not only scalable but also generates profits. Despite the huge curveball that COVID threw, they stayed committed to pushing their business forward. In fact, they used the crisis as an opportunity to gear up for expansion and they’re now diving into more markets in the region,” said Eric Manlunas, Co-founder and General Partner at Wavemaker Partners. “With their deep experience in real estate, these founders developed a unique proptech model that makes life better for everyone involved—whether it’s the tenants, property owners, or the partners they work with. We’re eagerly anticipating the next milestones they will achieve with this new round of funding.”
“I am amazed by the company’s massive yet healthy growth over the past three years. They’ve not only achieved impressive organic growth with virtually no marketing efforts but have also created stable non-rental income streams. The company has skillfully adapted its Malaysian business model for the Thai market, using a more localized approach. Now, they’re gearing up to expand into larger cities such as Ho Chi Minh City and Jakarta. Along with the acquisition of several smaller but failing competitors in the market, I’m excited to see the potential for even more growth, spurred by this round of funding,” said Simon Baek, Director at InterVest.
Strategic allocation for accelerated growth
The latest funding marks the beginning of LiveIn’s next phase of strategic growth. It will facilitate the company’s expansion in Thailand and entry into new markets Vietnam and Indonesia–through organic growth and external acquisitions. The main goal is to advance LiveIn’s vision by focusing on expanding its managed portfolio of affordable and quality homes and hiring the best talent, while maintaining a profitable business model. This new capital infusion solidifies LiveIn’s position as a leading long-stay rental player in Southeast Asia.
A business model with enhanced features
LiveIn’s unique approach to long-term property rentals has proven to be successful, boasting an impressive average occupancy rate of 90% in Malaysia and Thailand. This model not only generates higher rental income for property owners but also offers tenants access to affordable, quality furnished housing. Simultaneously, it ensures scalability and profitability for LiveIn. LiveIn has streamlined its tenant onboarding process while enhancing its property management services such as fully furnished units, dedicated concierge services, and community events. The company is keen on introducing new service features and forging strategic partnerships to reinforce its market position. As part of its strategy, LiveIn aims to expand into new urban areas to meet the evolving needs of young urban residents.
Future prospects for LiveIn
LiveIn will also expand to the Philippines in the future, reinforcing its commitment to providing pioneering solutions that align with its mission to address the urgent challenge of affordable housing for young people in densely populated markets in Southeast Asia. The company’s innovative housing approach has made a tangible difference in the lives of many people, and this expansion will allow it to unlock further access to affordable long-stay options. By introducing its solutions to these new markets, LiveIn aims to transform the lives of countless individuals and make a positive impact within these markets.
About LiveIn
LiveIn is a proptech company that specializes in fostering communities for long-term rentals. Committed to addressing pressing concerns surrounding affordable housing, LiveIn offers affordable, fully-furnished homes tailored for young individuals through its innovative online-to-offline platform.
For more information and inquiries, please contact:
Jo Ong
Relationship Manager
kahyee.ong@livein.com
