MGRV, a real estate impact developer that operates the community-based residential service 'Living House Mangrove', announced on February 1 that it has closed a KRW 12.5 billion Series B bridge investment, bringing its total Series B funding to KRW 27.5 billion.

The investment follows the company's KRW 15 billion Series B funding in 2021, bringing its total investment to KRW 32.5 billion. The bridge investment was led by TS Investment, with participation from H.B. Investment, E.S. Investor, Seoju Ventures, Simone Asset Management, and Shinhan Asset Management.

In an investment market where corporate sustainability and intrinsic value have become increasingly important, the company said it has been successful in attracting investment because it is innovating and growing on a stable and clear demand base for residential services.

Mangrove's annual vacancy rate has been steady at around 5%, and its revenue in 2022 was up nearly 5x year-over-year, demonstrating its steep growth.

Co-living is a new way of living with facilities and services tailored to single-person households in a shared living arrangement with separate private living spaces and common areas for work, relaxation, and hobbies. MGR operates the community-based co-living house brand 'Mangrove'. Starting with 'Mangrove Sungin' in 2020, the company has been operating 'Mangrove Sinseol' and 'Mangrove Dongdaemun', and is preparing to open 'Mangrove Sinchon' on February 17.

MGRV will use the investment to accelerate its digital transformation, including the development of a dedicated app and PMS (Property Management System) to build a shared housing platform, and to expand new businesses in the senior co-living and Workation sectors. The company plans to lead the domestic co-living industry based on its internalized space planning and development capabilities, while also striving to upgrade its mangrove services.

"As the paradigm of housing is changing due to the increase in single-person households, rising housing prices, and telecommuting, MGR is securing its brand power by taking a leading position in the industry," said Kim Jung-soo, Managing Director of TS Investment, who led the investment. "Having a capital raising system by creating a fund with real estate asset managers is expected to be the foundation for stable business expansion."

"With this investment, we will position ourselves as a co-living company leading the residential experience in the era of 10 million per capita, and expand our business to various regions including Seoul to drive the domestic co-living industry into an industry where economies of scale can work," said Cho Kang-tae, CEO of MGRV.

MGRV : https://mangrove.city/