US: Habyt, the biggest coliving operator in Europe and Asia; and Common, the largest coliving operator in North America, have announced a merger to create a global coliving company, called Habyt Group.
The combined entity has locations in more than 40 cities and 14 countries, across three continents, and will operate more than 30,000 units encompassing coliving, studios and traditional rental apartments.
“This larger combined footprint makes sense for both residents and real estate partners alike and creates the first truly global co-living operator. And there’s no one doing this better outside the US, with like-minded values and digital capabilities, than Habyt,” said Brad Hargreaves, founder and chairman at Common. “By merging, we are creating an international co-living network that more and more renters are seeking out right now.”
Luca Bovone, founder and CEO of Habyt, said: “The merger makes perfect sense for both companies – Habyt had no North American presence and Common had none in Europe. Our new combined resources present a fully digital, easy solution to access rental properties across the world, something that has been historically derailed by endless paperwork or bureaucracy.”
Both Common and Habyt have seen their businesses grow three-fold in 2022 and both companies anticipate their businesses doubling in 2023. With this merger, the combined entity aims to become profitable during 2023.
The combined Habyt Group, which will continue to be led by Bovone, is backed by investors including P101, Vorwerk Ventures, DI Capital Solutions, Sequoia and Mitsubishi. It was founded in 2017 in Berlin, Germany.
“At Common, our mission is to create positive and resourceful changes in the housing industry, when housing is such a challenge for so many,” said Karlene Holloman, CEO of Common and future CEO North America of the Habyt Group. “With this merger, we now have a global platform to redefine the living experience all over the world.”