JustCo co-working space, Singapore. Photo credit: DIA Brands.
JustCo, a Singapore-based provider of shared workspaces, has just closed a series B funding round in which publicly traded Thai property developer Sansiri was the sole participant. The investment amount was not disclosed, but the Singaporean company said it now values itself at US$200 million post-money.
JustCo currently operates four shared offices with a total floor space of 180,000 square feet in central Singapore. The series B funds will be used to open its first venues outside of the city-state, with spaces planned for Bangkok, Ho Chi Minh City, Jakarta, Kuala Lumpur, and Manila.
The plan is to have a total of 30 shared workspaces totaling 1 million square feet in operation across Asia-Pacific by next year.
The firm currently offers a range of membership options at its Singapore locations. At the lower end, a US$72 per month basic package comprises a hotdesk, business address, and attendance to events and networking sessions organized by JustCo. For US$591 a month, you get an entire dedicated studio space and 24/7 access of all of the company’s locations.
Significant investment money has poured into the shared workspace industry in recent months, and competition between players in Asia-Pacific has become increasingly fierce.
With a current valuation of US$1.5 billion, China’s UrWork has been busy expanding beyond its home soil, opening its first foreign location in Singapore back in July and strategically investing in Indonesia’s Rework last month.
This has brought UrWork into a direct rivalry with US-based WeWork, which received US$500 million in funding from SoftBank and Hony Capital in July to expand its Asian presence, and recently acquired Singapore-based competitor Spacemob. WeWork has since launched lawsuits against UrWork in the UK and the US, accusing the Chinese company of infringing its trademark rights.
While use of co-working spaces is typically associated with startups, research from Colliers International suggests that corporates are also increasingly making use of such venues – indicating the opportunity that exists for operators like UrWork and WeWork.
Converted from Singapore dollar. Rate: US$1 = SG$1.35.
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Editing by Michael Tegos
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Sweltering in Singapore. Email: email@example.com Twitter: @jacknwellis