Hyphen secures $1 million in the pre-seed round of funding to expand its business
- ByStartupStory | June 10, 2022
Hyphen, formerly known as Dwellingo, revealed on Thursday that it has raised $1 million (about Rs. 8 crores) in a pre-seed round from investors. The revenues will be used to develop the firm in other areas, according to the corporation.
In the pre-seed round, famous Silicon Valley investors including Sriram Puthucode, former VP at Symantec Global, participated in the fundraising, which included a mix of stock and minority loans. The new funds will be used to grow into new areas, develop new goods, and integrate technology and automation, according to the firm.
Anirudh Rao, Grishma Reddy, Rishi Sreedharan, and Samarth Gowda started the co-living company in June of 2021. By 2023, Hyphen hopes to have 6,000 beds and be present in five markets, beginning with Hyderabad, Pune, Chennai, and Delhi-NCR. In August 2021, it opened its first property.
Rishi Sreedharan, Co-Founder & CEO of Hyphen said that people are pulled towards experience-focused, de-densified life; the pandemic helped accelerate this trend. In fact, 76% of customers prefer to spend money on experiences rather than tangible goods. People returning to the city are searching for something unique, and the standard shared-living experience will no longer suffice.
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