LOS ANGELES (STL.News) – Tripalink, a Los Angeles start-up company, secured the $10M series B funding at $100M valuation last week, completing the third round within 10 months, contributing to a total funding amount of $20M.
In this funding round, Tripalink not only gained recognition of its old investors, Calin SJG Fund, L.P, K2VC, Tekton Ventures, but also attracted a new investor, Oriza Venture. According to Tripalink’s CEO Donghao Li, the fund will be mainly used for market expansion.
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.
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.