Co-living startup Tripalink lands $10 million Series B at $100 million valuation
Tripalink, a Los Angeles-based startup providing an open co-living community for all millennials in US , has secured the $10 million series B funding to be mainly used for market expansion. The financing, which now values the company at $100 million, brings the total funding to date to $20 million. Backers include old investors, Calin SJG Fund, L.P, K2VC, Tekton Ventures, and a new investor, Oriza Venture.
Tripalink, founded in 2016 by CEO Donghao Li, is a youth community based in Los Angeles. It is an open co-living community for all millennials in US , sharing information and resources. It is our mission to establish a truly co-living neighborhood, to redefine the experience of living, enhancing the quality of life.
Tripalink has been profitable since stepped into the co-living business, and maintain a three-fold annual growth of bedspaces. Expanded to Los Angeles, Seattle, Pittsburgh, Irvine, Austin, Philadelphia, Tripalink is multiplying with its properties being fully occupied in most of these cities. In 2020, the number of its community members is foreseen to reach 20000 with the ambition to expand into 30 cities.
Tripalink focuses on every detail of communal spaces. We pay close attention to the interaction of our community members, and space they live in. We value the residents’ voice, constantly gaining feedback from all the data we collect, and we strive to build a more livable and more interactive living environment.
Taking advantage of the resource-sharing community economy, we aim to gather the willpower of all the millennials who share similar values with us to develop mutual understanding through communication and cooperation.
By organizing a series of interactive activities, we hope to not only help all the urban youths find a sense of self-identity and meaning in their neighborhood but also make a positive influence on their values.
During the past five months after last round, Tripalink has been focusing on brand and product upgrading. In Los Angeles, Tripalink has expanded its market from young students to young professionals. After its demographics expansion strategy proven to be effective, Tripalink has entered four new cities with thought-through localization plans. This successful approach shows VC a mature business model. Among all the investors, K2VC and Calin SJG Fund, L.P. have consecutively invested in three rounds and two rounds respectively, demonstrating the capital market’s optimism toward Tripalink and the co-living industry.
Compared with other co-living companies in the U.S., Tripalink has more bedspace, greater customer lifetime value and a more agile business model, thanks to its years of in-depth research on the co-living industry and adherence to its core values. Another asset of Tripalink is its talents, formed by a group of millennials speaking six languages with a diverse and international background, which allows Tripalink to resonate with most of the millennials in the U.S. 80% of the team has a master degree and most of them have related academic and professional experience.
“Tripalink also solved the pain points of small and medium real estate developers in the United States,” Li addresses. “In fact, they own the most developable landscape but are not able to maximize the profits due to lack of centralized property management. Tripalink actively cooperates with small and medium developers and provides unified brand image and management for them, which increases our housing resources explosively.”
Tripalink is a co-living brand offering move-in-ready homes for all its community members with two product lines, U-Living and V-Living. By the end of 2019, the number of V-Living will reach 15 and they are all independently designed and developed by Tripalink itself based on the company’s understanding of co-living lifestyle and customer insights analysis.
“The capital of developing V-Living comes from self-established REITs (Real Estate Investment Trust), which values around $60M,” Li introduces.