LiveIn, a Malaysia-based provider of long-stay rental property solutions in Southeast Asia, is looking at expanding in the Philippines after it raised $8.3 million in its pre-Series B funding round.
The property technology (proptech) startup said it will expand to the Philippines in the future as part of its efforts to provide affordable housing for young people in densely populated markets in Southeast Asia.
The company is set to enter two new markets, Vietnam and Indonesia, by 2024.
“By introducing solutions to these new markets, LiveIn aims to transform the lives of countless individuals and make a positive impact within these markets,” the company said in a statement.
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 said it is on track to onboard 10,000 rooms onto its platform while maintaining high occupancy rates in its existing markets, Malaysia and Thailand.
LiveIn’s pre-Series B funding round was co-anchored by Wavemaker Partners and InterVest and backed by Malaysia Debt Ventures Berhad (MDV), Jungle Ventures, and CAC Capital.
“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,” said LiveIn Co-founder and CEO, Khai.
LiveIn said it will use the fresh funds to further expand in Thailand and enter new markets through organic growth and external acquisition.
“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,” it added.
LiveIn said its unique approach to long-term property rentals has proven 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, the company said.