mangrove

What mangrove does

Mangrove (legal entity MGRV Co., Ltd., 주식회사 엠지알브이) is a South Korean impact developer founded in 2018 that plans, develops, and operates co-living, short-stay, and workation residential communities under the Mangrove brand, with sub-brands Noden and Laputa/La.Put. The company operates six primary locations across South Korea: large urban co-living houses in Seoul (Sinchon, Dongdaemun with 177 private rooms, Sinseol with 311 private rooms, and Soongin with 23 private rooms across six floors), plus two work-stay properties on Jeju Island (Jeju City, opened November 2024) and in Gangwon-do (Goseong). Its core product, Mangrove Live, is a long-term co-living offering with minimum 3-6 month contracts and managed private rooms with shared amenities including co-working spaces, gyms, kitchens, lounges, cinema rooms, and rooftop terraces; Mangrove Stay provides 1-day-to-3-month short stays and Work & Stay packages target remote workers via the Workwide Membership program.

The underlying technology stack is a self-serve digital platform with Korea's first real-time vacancy inquiry and contract system for corporate private rental housing (launched August 2024), a proprietary Mangrove App for resident services, and Channel Talk for live inquiry, with Stay inventory distributed through Wings Booking. The company monetizes primarily through recurring monthly room rents (₩636,000 to ₩2,285,000 depending on property and room type), short-stay daily/monthly rates, workation memberships, and deposit requirements of ₩3M-₩10M depending on brand, supplemented by brand-adjacent revenue from Noden curated residences and Laputa managed spaces.

Mangrove targets young urban singles and one-person households priced out of Seoul's traditional jeonse system, remote workers and digital nomads, international residents (reportedly ~37% of tenants at some co-living properties), and corporate housing partners. Distribution is direct-to-consumer via website, mobile app, Kakao Channel, and Channel Talk, with community-led GTM reinforced by the Roommate Camp trial program and the MSC (Mangrove Social Club) wellness community. The company has raised 32.5B KRW (~$26.4M) cumulatively across four rounds (2020, 2021, 2023, 2025) and holds institutional backing from TS Investment, HB Investment, Shinhan Asset Management, a 500 billion won JV with Canada Pension Plan Investment Board, a GIC Singapore partnership, and a Coramco Life Infra REIT MOU, and has earned the iF Design Award (2024) and German Design Award (2023).

Name

mangrove

Legal name

주식회사 엠지알브이

Website

https://mangrove.city

Company type

Private

Founded year

2018

Operating status

Operating

Headcount range

51–100 employees

Short description

Mangrove (MGRV) is a Seoul-based impact developer that plans, develops, and operates branded co-living houses, short-stay properties, and workation residences across South Korea. It serves young urban singles, remote workers, international residents, and corporate housing partners through managed shared amenities, a real-time booking platform, and the MSC wellness community.

Ownership category

akta.pro rank

Product category

Co-living Residential Services

NAICS

Rooming and Boarding Houses, Dormitories, and Workers' Camps (7213)

SIC

Hotels, Rooming Houses, Camps & Other Lodging Places (7000), Hotels & Motels (7011)

akta.pro primary industry

Co-Living Private Rooms (Short-Term) (THAMABAI)

akta.pro secondary industry

Corporate Extended-Stay Housing (Relocation & Project-Based) (THAMAFAA)

Keywords

• Co-living housing
• Residential rentals
• Workation accommodation
• Community living
• Property management

Headquarters

HQ city

Seoul

HQ country

South Korea

HQ region

Asia

Offices1 record

Markets served

GTM type

B2C

Offering type

Services

Cost components

Infrastructure, Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. Monthly Room Rent: Long-term co-living rental revenue from monthly room fees. Properties include Soongin (23 private rooms), Sinseol (311 rooms), Dongdaemun (177 rooms), and additional locations. Minimum contracts of 3-6 months depending on location.
2. Stay/Short-term Accommodation: Short-term stays from one day to three months at properties including Dongdaemun, Sinseol, and Jeju City. Includes Stay Single, Stay Bunk, Stay Dormitory room types.
3. Work & Stay Packages: Remote worker membership program (Workwide Membership) offering accommodation with work facilities for extended stays at Jeju City and Goseong locations.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels7 records

Core offering

Mangrove plans, develops, and operates purpose-built co-living residences, short-term Stay accommodations, and Work & Stay workation properties across South Korea under the Mangrove brand and sub-brands Noden and La.Put. The company manages multiple large-scale properties in Seoul (Sinchon, Dongdaemun, Sinseol, Soongin), Jeju City, and Goseong, offering private furnished rooms with shared amenities (co-working spaces, gyms, kitchens, rooftop terraces) and the MSC (Mangrove Social Club) wellness community program.

Product overview

Mangrove operates a multi-format living platform centered on coliving (long-term shared housing), Stay (short-term accommodation), and Work & Stay (workation packages). The core Mangrove brand encompasses coliving residences in Seoul (Sinchon, Dongdaemun, Sinseol, Soongin) and work-stay locations in Jeju City and Goseong. Extended offerings include La.Put (라퓨타) and Noden (노든) branded managed residences, the Mangrove Social Club (MSC) wellness community program, and a proprietary resident app. All properties feature communal amenities (coworking spaces, kitchens, fitness, cinema rooms, rooftop terraces) and are managed by parent company MGRV (MGRV Community & Space), a South Korean impact developer founded in 2021.

Differentiator

Problem solved

Functional benefit

Brands

• Noden (노든): Residential properties operated by MGRV in Jongno district, Seoul, offering 1BR to 2BR units with access to Mangrove shared spaces.
• Laputa (라퓨타)

Products and services

• Mangrove Live (Coliving) Long-term coliving housing service where residents rent private rooms while sharing communal spaces. Available at Seoul locations (Sinchon, Dongdaemun, Sinseol, Soongin) with minimum stays of 3-6 months depending on location.
• Mangrove Stay Short-term accommodation service offering stays from one day to three months, with various room types including Single, Double Deluxe, Suite, and Twin configurations. Available at Dongdaemun and Sinseol locations.
• Work & Stay Workation packages combining accommodation with workspace amenities at Jeju City and Goseong locations, targeting remote workers and digital nomads seeking extended stays with work facilities. Includes Workwide Membership program offering accommodation with work facilities.
• Mangrove Social Club (MSC) Wellness and community program featuring four themes: Mindfulness (meditation, yoga), Daybreak (new experiences), Inspiration (talks, performances), and Changemaker (social impact). Open to all Mangrove residents with monthly themed events.
• La.Put (라뿌타) by MGRV Managed residential spaces operated by MGRV at Gwangjin-gu, Seoul, offering private rooms with access to Mangrove's communal facilities including kitchen, laundry, work room, storage, and rooftop terrace. Minimum 3-month contracts.
• Noden (노든) by Mangrove Curated residences in Jongno-gu district near Dongmyo Station, offering 1BR, 1.5-room, and 2BR units with full access to Mangrove Sinseol's communal spaces including city lounge, library, work station, and fitness facilities.
• Mangrove Jeju City Work and stay location on Jeju Island featuring workation facilities, opened November 2024 as Mangrove's largest property, achieving 90% occupancy by April 2025.
• Mangrove Goseong Work and stay location in Goseong offering seaside workation experience with focus on immersion and creative inspiration, targeting remote workers seeking natural environments.

Quantifiable outcome

• Zero vacancy achieved with high demand for properties
• +2 more outcomes

Named customers3 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

Feature2 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Coramco Life Infra REITcoreStrategic or Co-development PartnerMOU signed for joint development of co-living business, combining REIT capital with MGRV's operational expertise in coliving property development and management.
• KLO (Design Studio)minorOthersInterior design partner for Mangrove Sinseol property, contributing to the distinctive aesthetic and functionality of shared spaces.
• TRU ArchitectsminorOthersArchitecture firm for Mangrove Soongin property, designing the intimate six-floor co-living building in central Seoul.
• Studio FragmentminorOthersConstruction partner contributing to Mangrove Sinseol development, a 20-story high-rise building with over 300 rooms.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Roam: Workation-focused coliving operator with properties across multiple countries targeting remote workers with month-to-month contracts. Closest analog to Mangrove's Work & Stay product line at Jeju City and Goseong.
• Dots: Tech-enabled co-living operator focused on flexible furnished housing with community events. Similar direct-to-consumer digital booking flow and resident-app experience to Mangrove.
• Common: US-based co-living operator with furnished private rooms in shared buildings and digital-first lease-up. Closest direct peer to Mangrove's Live product in terms of business model, resident experience, and unit economics.
• Ollie: Fully furnished co-living apartments targeting young professionals with flexible lease terms and shared amenities. Directly comparable to Mangrove's all-inclusive private room offering with community programming.
• Hmlet: Asia-Pacific co-living operator with properties in Singapore, Tokyo, Hong Kong, and Sydney. Comparable APAC peer operating furnished shared housing with flexible contracts and tech-enabled move-in.
• The Collective: UK-founded global co-living operator with large-format buildings featuring extensive shared amenities and community programming. Closest global analog to Mangrove Sinseol/Dongdaemun's large-format shared-amenity model.
• Lyric: Tech-enabled extended-stay and co-living operator offering furnished apartments with flexible terms across US cities. Comparable subscription-style monthly housing model with digital self-serve booking.
• Homes Company: Korean residential rental brand operating co-living-style housing in Seoul. Direct domestic competitor targeting the same young-professional segment with comparable unit types and locations.
• SK D&D (Episode): Korean co-living operator under SK D&D brand 'Episode'. Domestic direct competitor in the same Seoul submarket sharing the same regulatory and demographic backdrop.

Broad incumbents

• WeWork / WeLive: Global flexible-workspace giant with adjacent WeLive co-living product. Comparable brand-led shared-space operating model at vastly larger scale, providing a benchmark for international expansion potential.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCMWD2G8uNXvw3IicEFRqY-A
• Instagraminstagram.com/mangrove.city

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds4 records

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about mangrove