LifeX announces €7.5M Series seed, aims to rebuild the future of smart urban living

LifeX announces €7.5M Series seed, aims to rebuild the future of smart urban living

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LifeX is a pan-European network of co-living homes meant for young professional that let them have complete flexibility and convenience. This company makes it easier to settle in a new city as it pre-packages all that young professionals require to feel at home within a short span of time.

Founded in 2017 by product veterans Sune Theodorsen and Ritu Jain, the early team members of Tradeshift, a Danish fintech success story, LifeX provides professionals with beautiful Nordic-style apartments in the best locations, flexible membership plans, and the convenience of weekly cleaning.

Secures €7.5M seed funding

The rapidly growing network of co-living homes, LifeX has just announced the seed funding round of €7.5 million. The funding round is led by Cherry Ventures, the Berlin-based early stage fund, and Founders, the Copenhagen based startup studio along with participation from David Helgason, founder of Unity, Hampus Jakobsson, founder of TAT, Sophia Bendz, first Spotify’s marketing head, Evan Darr, partner at Invesco and several others. TriplePoint Capital based in Mento Park also joined the round.

Eyes to become segment leader!

LifeX will use the investment to fuel the company’s rapid growth across major European cities. It will also use the funding to accelerate its community and core technology. The company aims to become the biggest network of co-living homes in the world. Currently, LifeX operates co-living homes in Copenhagen, Berlin, London, Paris, Munich and Vienna with over 300 members from more than 50 countries.

“LifeX comes from our own problem. While moving from San Francisco back to Copenhagen, Denmark we struggled to find a place to call home. In the end, we decided to try and rent a big flat in the city centre, make it into a beautiful Nordic-style home and see if anyone was interested in sharing it. We told a few of our coworkers about it – and the first home was full in a matter of days. That was just two years ago,” says Ritu Jain, co-founder of LifeX. “Now we have more than 50 co-living homes in 6 European cities, a thriving and happy community of international members. We’re planning to grow to 80+ homes and 7 cities by the end of this year.”

How is it beneficial?

LifeX works closely with fast-growing startups including N26, Pleo, and Delivery Hero. The company helps them attract foreign talent by making it easy for them to settle comfortably in a new city. When it comes to hiring foreign talent, companies follow an expensive route by letting them stay in an expensive hotel or rental and look for an apartment simultaneously. However, this is a time-consuming process and might take even months. In some cases, it might force professionals to sign a long-term lease or invest somewhere that takes away their flexibility.

“We are reminded about the problem LifeX is solving on a daily basis. Our portfolio of growing startups like Flixbus, are all struggling with helping their new talent settle in a city like Berlin. LifeX combines Nordic sense of design with an inclusive community and convenience, which makes it a perfect home for anyone who’s new to the city. We are super thrilled to partner with LifeX,” added Christian Meermann, founding partner of Cherry Ventures.

Stay tuned to Silicon Canals for more European technology news.

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