UK: Gravity Co, a London-based co-living and PRS brand has raised £5 million to support its international expansion plans for 2023.
The company plans to expand to mainland Europe and increase the diverse range of flexible homes available to its members. The fund raise adds to the $1.4 million the company secured in early 2021.
Gravity Co says its most recent opening, in Reading, achieved full occupancy in less than eight weeks. It also operates four properties in London.
Working on a number of projects with strategic real estate partners in Paris, Barcelona and Milan, among others, Gravity will continue to develop a network of community-led, residential (co-living and PRS) spaces in major business and tech hubs around the world, with the objective of getting to 1,000 operational beds by the end of 2023.
To further support this international growth and create a thriving, global community, Gravity is working towards launching the first social membership programme for non-residents. Social members will benefit from all the great perks offered to live-in members including access to events, discounts, 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.
Riccardo Tessaro, co-founder and CEO, said: “It’s truly an exciting time for Gravity. We’ve had a great run in the UK 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 UK, France, Spain and Italy, who will collectively focus on our acquisition strategy, launching our brand in some new and exciting locations.”
Susanna Rock, co-founder and CIO, added: “With properties already earmarked for our international pipeline, we have already turned our thoughts to our 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.”
