Based on a community approach to living, co-living has taken off, especially amongst the millennials. Aiming to disrupt the real estate market with its tech approach to co-living, UK-based co-living operator Gravity Co has raised over €5.7 million to fuel its international expansion. The funding will drive its ambitious plan to have 1,000 operational beds by the end of 2023.
Founded in 2017 by Riccardo Tessaro and Susanna Rock, the startup aims to improve the lives of today’s rental generation globally, through a community-centred, effortless and borderless living experience.
Riccardo Tessaro, co-founder and CEO said: “We’ve had a great run in the U.K. over the past few years, even during extremely challenging times and are ready to take our brand international. Not only have we grown in terms of our portfolio, but also in terms of people, making some key hires in the U.K., France, Spain and Italy, who will collectively focus on our acquisition strategy, launching our brand in some new and exciting locations.”
The platform is working on a number of projects with strategic real estate partners in Paris, Barcelona and Milan to develop a network of community-led, residential (co-living and PRS ) spaces in major business and tech hubs around the world.
Going forward, it wants to roll out its first social membership programme for non-residents to create a thriving global community. Social members will benefit from all the great perks offered to live-in members including access to events, discounts, and the community via the mobile app, plus access to various shared communal spaces and discounts on units on a short-term let basis around the world.
Talking about the company’s plans, Susanna Rock, co-founder and CIO added: “With properties already earmarked for our international pipeline, we have already turned our thoughts to series B fundraising round where we plan to bring in private equity firms and VCs who we are confident have grown their interest for the asset class.”