France: Paris-based coliving operator Colonies has concluded a €180 million funding round.
This funding has come from a combination of existing investors – Idinvest Partners, Global Founders Capital and La Financière Saint James – and new investor LBO France.
Colonies designs and operates coliving spaces offering its inhabitants the comfort of fully furnished private spaces and access to shared living spaces in a spirit of community (gyms, laundry facilities, rooftops).
French research and consulting company BVA1 recently published a study that attests to the relevance of the model, since 66 per cent of people under 35 say they feel lonely.
After opening its first residences in France and Germany, Colonies now aims to accelerate its development in Europe and will launch more than 50 new projects in 2020.
Alexandre Martin, co-founder of Colonies, said: “We are very pleased with this new funding, which represents an endorsement of our vision and of our development forecasts. In just one year, we have already achieved operating profitability with three projects in Paris and the Ile-de-France region and two in Germany. We have put this concept of shared living to the test and it has worked. The trust our existing investors have in us is also a strong indicator of the relevance of our model and the quality of the team.”
Amaury Courbon, co-founder of Colonies, said: “We now offer institutional investors the opportunity to gain exposure to the ultra-resilient housing market without the management risk, as we do everything for them – from sourcing assets to operating them. We are delighted to partner with the LBO France teams who have a sharp understanding of what’s involved in the co-living sector. The first projects to come out of this collaboration will be developed as early as this summer.”
“At Colonies, the first thing we wanted to bet on is the team: pioneers in co-living, focusing on the profitability of their model and ready to open up a huge market in France and Europe,” said Antoine Zins, Investment Manager at Idinvest Partners.
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