UK based co-living operator – Gravity Co – raises £5m to expand its portfolio internationally. The funding will support the company’s 2023 expansion plans into mainland Europe. The raise was finalised amid a big announcement in the sector – with Adam Neumann closing a $350m round for his new venture, Flow, at a $1bn post-money valuation from Andreessen Horowitz.
“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.”Riccardo Tessaro, Co-Founder and CEO, Gravity Co
Gravity Co’s achievements have continued into 2022 following a successful year in 2021. The co-living operator launched Gravity Royal Heights, its fifth project in Reading, a primary tech hub known as the UK’s Silicon Valley. Gravity Royal Heights achieved full occupancy in under eight weeks.
The Gravity Co brand focuses on community, flexibility, wellbeing and professional growth. Its community-led living experience continues to grow in popularity as more prospective tenants join its waiting list, as well as an expanding UK pipeline project strategy currently in motion to help fulfil demand. The operator also has its sights firmly fixed on the international market.
Working on a number of projects with strategic real estate partners in Paris, Barcelona and Milan, Gravity Co continues to develop a network of community-led, co-living and PRS spaces in major business and tech hubs around the world – aiming to get 1,000 operational beds by the end of 2023.
“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.”Susanna Rock, Co-Founder and CIO, Gravity Co
The operator is currently working towards the launch of its first social membership programme for non-residents, to further support its international growth. Social members will benefit from the same perks offered to Gravity Co residents. Benefits include 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.