With a desire to do for residential co-living what WeWork did for co-working spaces, Tripalink has announced it has raised $5 million to launch more co-living communities.
The successful Series A+ funding round, the second in six months, was lead by Calin SJG Fuld, LP with K2VC, e-Broker and Tekton Ventures.
The L.A. based startup cites one of its advantages as its deep understanding of the international rental market. Tripalink is betting that a new generation of millennials will take advantage of the trendy co-living lifestyle as many have with startup businesses at co-working sites like WeWork. Even with “spacious and versatile” common areas providing social interactions for residents, the architecture also provides for personal private space for residents.
“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, said Tripalink CEO Donghao Li in a statement.
Tripalink currently has 4,000 residents, and boasts a 75% average renewal rate. It has two projects already made and 13 additional projects in the works. It is currently in Pittsburgh and Seattle. It plans to expand to Austin and Philadelphia later this year.
Image credit: Tripalik