Australia / Singapore: Tiny house startup Big Tiny has announced that it has raised AU$4.2 million in pre-Series A funding as it seeks to grow its footprint in Australia and New Zealand in the next 12 months.
The round was led by Singaporean businessman Koh Boon Hwee, with participation from Phillip Private Equity, GPPC Capital Limited and Ascend Angels. Big Tiny is now valued at AU$31 million.
Big Tiny has offices in Singapore, Malaysia and Australia [Sydney and Melbourne], where it designs, manufactures and assembles the tiny houses and partners with hosts to operate them as small guest accommodations.
Further growth is planned in Australia, after doubling its sites in the country to more than 100 in 2021 in Queensland, South Australia and Tasmania, and the New Zealand market in 2022.
Guests can reserve accommodation through the company’s booking platform – Tiny Away – which integrates the concept of ‘tiny houses’ with eco-tourism, offering city dwellers a chance to experience an escape from a “hectic, digitally-laden lifestyle”.
After launching in 2017, the company posted revenue growth of 260 per cent for the first six months of 2021 compared to the same period 12 months ago.
Co-founder and CEO, Adrian Chia, told Startup Daily: “Our ethos is centred on reducing resource consumption and environmental impact without sacrificing the quality of accommodation.
“Big Tiny is planning to open an additional 300 tiny houses over the next year in Australia and New Zealand, and we are constantly engaged in R&D to improve the sustainable technology that’s integrated into our dwellings.
“Everybody in the Big Tiny family is ecstatic. From the start, our vision has been to build a sustainable tourism business that both changes and challenges the holiday accommodation landscape,” he added.
Koh Boon Hwee said: “To have grown a company during the pandemic is incredible and speaks to the value they deliver to their customers. Their eco-credentials also really stand out. Investors, particularly in the travel and tourism space, are increasingly realising that you can marry good economics with being good for the environment.”
