The bleisure industry gets a boost with Singapore-based start-up Tribe Theory securing SGD 1 million in seed funding as part of its ambition to grow the recently launched, Tribe Theory Academy – an entrepreneurship community concept in SE Asia.
Singapore-based start-up Tribe Theory raised SGD 1 Million in seed funding this month, through investments from Superangel, Aurum Investments and REAPRA.
After Tribe Theory’s recently launched ‘start-up hostels’ in Bali and Yangon, Founder of Tribe Theory Vikram Bharati says the company will be using the funds to further expand its physical footprint, launch new business offerings as well as go to market for senior management resources.
Established in 2018, Tribe Theory taps into a growing ‘bleisure market’ by catering to the startup community by providing an affordable place to stay while providing specific services for traveling entrepreneurs.
According to a 2018 survey conducted by Hilton Hotels and Resorts on business professionals age 25 to 35 years old, the report claimed nearly 70 percent of respondents expressed a desire to extend work trips for leisure purposes.
Another report by travel management company Egencia, released a 2018 Bleisure Trends Report, which claimed that 68 percent of travelers mix business with pleasure between one and three times a year, indicating rising opportunities in the bleisure market.
According to Tribe Theory, its spaces form the physical foundation of a global community.
“These spaces combine the communal atmosphere of a hostel with the entrepreneurial environment of a co-working space. In its first year alone, Tribe Theory welcomed over 4,000 entrepreneurs from all parts of the world to its locations in Singapore, Bali and Yangon,” says Bharati.
According to Bharati, Tribe Theory’s concept appeals to the next generation of entrepreneurs and start-ups because they don’t just want a place to stay; they want a place to meet likeminded people from around the world who are on the same entrepreneurial journey.
“We provide a place where they can connect with people from the startup ecosystem, be inspired through each other’s stories and experiences and leave feeling empowered as part of our global community,” says Bharati.
Tribe Theory currently operates physical locations in Singapore, Bali, Bangalore, Hong Kong and Yangon, and says it plans to launch in Tallinn Estonia, Kuala Lumpur and The Philippines by Q4 2019, using the funds raised in this seed round.
As part of its broader vision, Tribe Theory recently launched Tribe Theory Academy a learning and upskilling in business concept. In May 2019, it will offer Digital Marketing and Web Development programs at Tribe Theory’s Startup Village in Bali.
Each program comprises 80 hours of in-person classes alongside creative capstone assignments. Tribe Theory says fees for the programs include tuition, accommodation in the Startup Village and three meals a day to provide ‘brain fuel’.
Bharati says by 2023, Tribe Theory aims to be in 25 countries across the globe, creating an ecosystem for start-ups and entrepreneurs.
“In the near future, we will be launching initiatives for talent management and exchange, content creation, professional services and investments and funding. With all of these offerings under one umbrella, Tribe Theory aspires to become a one-stop service provider for start-ups and entrepreneurs,” says Bharati.