Manila-based FlySpaces has secured US$2.1 million in a pre-series A funding round, the #startup announced today. The round was led by angel investor Raymond Rufino – co-president of commercial property manager Net Group – with “a millennial-led private equity firm” and other local property developers also participating. FlySpaces claims that this is the largest ever pre-series A investment made by Philippines-based parties.
The company will use the money to fund further expansion activity in the region, with a particular focus on Indonesia, and to further develop its technology.
Tech in Asia has contacted FlySpaces for additional comment.
FlySpaces acts as a marketplace for co-working venues, billing itself as an “Airbnb for office and retail spaces.” Playing the role of middleman, it takes a cut of booking fees it secures for shared workspace owners. While it is not the only company to offer such a service – with Liquidspace, Breather and retail-focused Storefront three such counterparts hailing from North America – FlySpaces suggests it is the first to do so in Southeast Asia.
Launching in Manila in October 2015, FlySpaces next expanded to Cebu, and has since established an overseas presence in Hong Kong, Kuala Lumpur, Macau, Singapore, and most recently Jakarta. In November last year, it acquired Malaysian competitor 8spaces in a cash and equity deal.
FlySpaces’s pre-series A funding follows the US$500,000 seed round it closed in January 2016.