Co-living, which is based on a shared way of living, has gained popularity, especially among millennials. Gravity Co, a co-living operator based in the UK, has raised more than £5M to support its global expansion with the goal of disrupting the real estate market with its tech-based approach to co-living. Its ambitious goal of having 1,000 operational beds by the end of 2023 will be driven by the funding.
The startup, which was established in 2017 by ex-Bricks Capital Riccardo Tessaro and ex-GAM Investment Susanna Rock, aims to enhance the lives of the rental generation by providing a community-focused, hassle-free, and international living experience. Four of the co-living company’s properties are located in London, with two of them in Camden, one each in Finsbury Park and Hounslow and Reading, where it has a fifth property.
The funding announcement came as Adam Neumann closed a $350M round for his new company, Flow, valued at $1B post-money from Andreessen Horowitz.
With the help of strategic real estate partners in Paris, Barcelona, and Milan, the platform is collaborating on a number of projects to create a network of community-led residential (co-living and PRS) spaces in important global business and technology hubs.
To build a thriving global community, Gravity intends to launch its first social membership programme for non-residents in the future. All the wonderful benefits provided to live-in members, such as access to events, discounts, and the community through the mobile app, as well as access to various shared communal spaces and discounts on apartments available for short-term rental around the world, will be available to social members as well.
Riccardo Tessaro, co-founder and CEO said: “It’s truly an exciting time for Gravity. We’ve had a great run in the U.K. 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 U.K., France, Spain and Italy, who will collectively focus on our acquisition strategy, launching our brand in some new and exciting locations.”
Susanna Rock, co-founder and CIO added: “With properties already earmarked for our international pipeline, we have already turned our thoughts to 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.”