Co-living startup MGRV raises 15 billion won in Series B funding

MGRV announced on the 29th that it had raised a total of KRW 15 billion in Series B funding from KB Investment, HB Investment, TS Investment, We Ventures, Seoul Investment Partners, Daesung Private Equity, Ubiquoss Investment, and Mega Investment.

MGRV is an impact developer that provides affordable housing solutions for single-person households in urban areas through its co-living brand Mangrove. The Series B round is MGRV’s second funding round, following a KRW 5 billion Series A in 2020, bringing its cumulative funding to more than KRW 20 billion. That is reportedly the largest cumulative amount raised by a co-living startup in Korea.

MGRV has built an active track record in the shared housing industry, including operating its first Mangrove location in 2020 and serving as an operating partner for Korea’s first co-living blind fund, established by IGIS Asset Management.

MGRV CEO Cho Kang-tae said the funding would be “a clear catalyst for MGRV to become a leading company with distinctive capabilities and a strong brand in the shared housing industry, which is expected to grow rapidly.”

MGRV plans to expand its business in earnest to major areas of Seoul, starting with the June opening of its second co-living location, a large-scale site designed to accommodate more than 400 residents.