LOS ANGELES, March 27, 2019 /PRNewswire/ -- Tripalink, a start-up company focusing on building a co-living community for millennials, successfully raised $5 million in its series A+ funding round, the second time funding round within six months. This funding round was led by Calin SJG Fund, L.P., with the participation of K2VC, e-Broker, and Tekton Ventures.
"We are inspired by the concept of WeWork. And we'd like to bring this idea of space sharing into young people's daily life by creating a co-living community," says CEO Donghao Li.
As a start-up in Los Angeles, Tripalink, linking the eastern and the western culture, advantaged with its deep understanding of the international rental market. Its rapid growth is to a large extent the result of the insight into the great market potential and firm belief in the value of connectivity fostered by Co-living community.
In 2019, millennials are expected to take up the largest percentage of the living adult population, with their numbers increasing to 73 million. For this generation in the United States, Co-living is the trendiest lifestyle in recent years. While ensuring the personal private space, a Co-living community also provides spacious and versatile common areas to fully meet the residents' demands in social interaction.
"Compared to hotels and traditional student apartments, Tripalink's high-quality one-stop service and core value of building a Co-living community free all our residents from chores and set their mind at ease, offering a supreme living environment and experience," Li introduces.
Currently, Tripalink has two main products: U-Living and V-Living. With a long-term cooperation with experienced real estate developers and homeowners, Tripalink provides high-quality and personalized U-Living units. Combining REITS and high-net-worth individuals LP, analyzing the data and the market, Tripalink offers finely designed and state-of-the-art V-Living apartments.
Up to now, Tripalink has served over 4,000 youths, with an average renewal rate amounting 75%. Two V-Living projects have finished, and 13 more are under construction. It is expected that by the end of 2019, the number of the bedspace available will exceed 3,000, and at least 10 new V-Living apartments will be delivered for use.
By far, Tripalink has expanded its business in Pittsburgh and Seattle, and it will enter Austin and Philadelphia this year; the number of all community members is foreseen to reach 20,000 by 2020.
"Los Angeles is where we set off, the destination is yet to come."