RoomMe secures Series A funding from BAce, Vertex, KKFund

RoomMe, a startup operating co-living services in Indonesia, has secured an undisclosed sum of investment in a series A round led by Ant Financial-backed BAce Capital, a venture capital fund dedicated to early-stage companies in emerging economies. This marks BAce’s first deal in Southeast Asia.

Existing investors Vertex Ventures and KK Fund also participated in the round.

“Not only has BAce demonstrated deep understanding of the Southeast Asian market, but also been able to leverage its resources in China for us to gain in-depth understanding of similar business models in different regions, which will help us fine-tune the direction of our business development,” Glen Ramersan, co-founder and CEO of RoomMe, said.

RoomMe said it will use the new funds to invest further in its technology and expand its service coverage.

Established in 2017, the startup supports hosts of boarding homes with technology and management know-how, while helping tenants find suitable housing more easily. It offers operational enhancement to the kos or boarding industry, which largely remains offline.

Home boarding, or rumah kos, is a popular housing concept in Indonesia that provides tenants with co-living spaces, often with flexible staying duration.

According to a statement, when a host works with RoomMe, service qualities are standardized and housing information, including location and availability, is readily accessible on the mobile app and other online channels.

“Kos has a long tradition in Indonesia. Given Indonesia’s economic growth and rapid urbanization, this industry is well-positioned for development,” said Mulyono, managing director and head of Southeast Asia at BAce. “Kos users, especially youth with digital habits, demand an enhanced experience.”

RoomMe claims it now manages thousands of rooms in hundreds of buildings in Indonesia.

Source: TechinAsia
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