Tripalink, a Los Angeles based co-living space provider, has raised $10 million in Series B funding at a valuation of worth $100 million.
It has been founded by the graduates of USC, University of Southern California-Los Angeles and remains profitable since its founded year. According to Donghao Li, the CEO of the company, its revenue was noted to be tripled in 2018.
The updated financing shows that the currently raised fund is the 3rd funding round of Tripalink in a duration of 10 months which has brought the firm’s total capital-up to $20 million. The company has raised the fund with the help of a new investor Oriza Venture along with its earlier investors K2VC, Tekton Ventures, and Calin SJG Fund.
Tripalink currently serves in Seattle, Irvine, Pittsburgh, Los Angeles, Philadelphia, and Austin and most of its locations are fully occupied. Donghao has disclosed the firm’s plans to invest the million maximum amount of the new fund towards market expansion in order to complete its desire to be in 30 cities by 2020.
Donghao states, “Besides building a community, our price per bedroom is much cheaper compared to most luxury apartments.” He added, “Purchasing land and then building our own co-living space is our ultimate goal in each market.”
Donghao also includes, “The model is attractive to developer partners because the more bedrooms in a unit, the higher the value of the property and Tripalink purposely targets centrally located areas that are more likely to see appreciation over time.”
According to the CEO, the properties they rent consist flats which covers 1200 and 1500 square feet of area. The flats with 1200 sq ft. are for 4 people and the other ones with 1500 sq ft are for 6 people. It has been designed in such a way that each person can acquire their own bedroom and bathroom. He also said that the average amount for the bed depends on the market rate.
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