Brussel-based network of coliving spaces Cohabs has raised €58 million in a Series B round that saw participation from existing backers AG Real Estate, and Alphastone, and new investors Federal Assurance, and finance.brussels as well as additional undisclosed public and private investors. Of the total €58 million, €12.5 million is equity, with the remaining €45.5 million in a 6-year term subordinated loan at 6%.
Founded in 2016 by brothers Youri and Malik Dauber, and François Samyn, Cohabs operates close to 45 properties in Brussels, many of which are you’ve-got-to-see-it-to-believe-it homes with more than 10 inhabitants (Cohabs members), and two in Crown Heights in Brooklyn. The company reports a third home planned for Harlem later this summer, as well as 2 extravagant living spaces in Paris by year-end.
While not encompassed in their original business objectives, Cohabs points to the fact that human connection and fighting loneliness is part of the human experience. Particularly with everything that’s happened in the past year. And while coliving is usually targeted at a younger, higher-income demographic, the company is aiming to include an older age range and those with less-than-money-to-burn means.
One of the keys to Cohabs’ success is their approach to the properties themselves. Not simply purchasing a ready-to-go home, the firm snaps up older homes and completely transforms them through renovation and redecoration projects.
Cohabs also reports that since January of this year, their Brussels properties have been carbon neutral, and within the next 24 months, Cohabs will be summiting for 1% for the planet, B-corp, and other sustainability programmes.