Having fled its Australian operations, co-living startup Hmlet is now staring at US$508,000 in unpaid debts which might grow grow Australia Financial Review Co-living brand Hmlet checks out of Australia, leaving debt and dismay Read more . And its problems don’t end there. The Singapore-based company has made staff cuts twice already—once in April April The Business Times Hmlet lays off about 20% more staff amid financial woes Read more 2020 and again in December.
To tech or not to tech
When Hmlet’s property and tech identities struggle to co-live
Singapore-based co-living startup Hmlet grew fast, but it exposed cracks in the business model. After raising a US$6 million lifeline, it must now pivot and appeal to a market segment it didn’t target before to survive.
Hmlet’s problems just keep on coming—founders have been ousted, it’s leaving markets, and it even owes money in Australia
The co-living startup sold itself as a tech company, even though its core business was firmly in the real estate space
Unfortunately for Hmlet, there are parallels with another tech masquerader, WeWork, right from how it raised money to co-living
As its main market segment of expatriates shrinks with the pandemic raging on, it now needs to find a way to attract locals