Singapore co-working space rings in $5.5m seed round for expansion in Southeast Asia

Photo credit: Spacemob.

Singapore’s co-working spaces got one more vote of confidence by investors, as Spacemob announced today it has raised a seed round worth US$5.5 million.

The round is led by Singapore-based venture capital firm Vertex Ventures. Indonesia’s Alpha JWC Ventures and angel investors from the property and hospitality industries also joined in.

Spacemob plans to open new spaces in Singapore and Jakarta next year.

Spacemob, a co-working space that launched last month, was founded by Turochas “T” Fuad of Travelmob fame. The former managing director of Skype Asia Pacific founded the home vacation rental startup in 2012. Travelmob was then acquired by rival Homeaway in July 2013, as part of the US company’s expansion plan to Asia Pacific.

Spacemob’s current clients include coding school General Assembly and Unilever subsidiary Big Sync. Spacemob claims to be operationally profitable.

The company plans to open one more space in Singapore and one in Jakarta in the first quarter of 2017. It hopes to have 30 sites across Asia Pacific in the next three years.

“The idea is to allow our members to work at any of our sites around the region, which appeals not just to frequent travelers and creatives, but also to [small businesses] and [multinationals] who wish to be more asset-light,” Turochas says in a statement.

We’ve reached out to Spacemob for more details and will update this story when we hear back.

This post Singapore co-working space rings in $5.5m seed round for expansion in Southeast Asia appeared first on Tech in Asia.

from Tech in Asia https://www.techinasia.com/spacemob-co-working-space-seed-funding
via IFTTT