Localstitch
Providing co-working and co-living spaces for digital nomads, startups, and single-family homes.
| Date | Investors | Amount | Round |
|---|---|---|---|
| investor | €0.0 | round | |
| investor investor investor | €0.0 | round | |
| investor investor investor investor investor | €0.0 | round | |
KRW13.3b | Series A | ||
| Total Funding | 000k | ||
Localstitch operates as a real estate and community-building company, focusing on urban regeneration by transforming underutilized or aging buildings into vibrant co-living and co-working spaces. Founded in 2013 by CEO Kim Su-min, who holds a degree in architecture, the company began with its first location in Seogyo-dong, Seoul, by renovating a small house into a community-style hotel. This initial project was born from Kim's experience as a freelancer, recognizing the need for flexible, affordable spaces that foster collaboration among creators.
The company targets a diverse client base, including freelancers, entrepreneurs, artists, and small business owners, whom they refer to as "city creators." Localstitch provides these individuals and groups with an environment where they can live, work, and grow with reduced real estate-related risks. The business model involves a combination of direct leasing, management contracts, and profit-sharing agreements with building owners. In some cases, building owners cover a significant portion of the remodeling costs in exchange for a share of the future profits, a strategy that has enabled the company's rapid expansion.
The core service offering is a membership that grants access to a network of spaces, which integrate co-working offices, co-living residences, retail shops, and shared community areas like kitchens, lounges, and event spaces. Each Localstitch branch is designed with a unique concept that reflects its local neighborhood, creating a distinct atmosphere and fostering a connection with the local community. Beyond physical space, the company actively supports its members' businesses, helping small brands and startups to establish and grow. This includes incubating retail concepts, such as a Malaysian restaurant and a coffee bar, which started within their community and later expanded. This focus on community and mutual growth creates a symbiotic ecosystem where the company, its members, and local property owners can all benefit.
Keywords: co-living, co-working, urban regeneration, real estate development, community building, creator economy, property management, freelancer workspace, startup incubator, shared housing, Seoul real estate, Kim Su-min, flexible office space, membership-based, community hotel, mixed-use development, social architecture, profit-sharing real estate, creative hub, entrepreneurship support