now’s a fine time to be in the co-working trade in Southeast Asia, it looks. Barely days after WeWork introduced plans to enter the area, which is home to over 600 million people, through the acquisition of Singapore startup Spacemob, now a company that operates like an Airbnb for office house leases has raised cash.
FlySpaces, a startup headquartered in the Philippines, raised $ 2.1 million this week in funding circular described as pre-series A.
The company operates a service that aggregates a variety of co-working spaces in six cities throughout Asia — Manila and Cebu in the Philippines, Singapore, Hong Kong/Macau, Kuala Lumpur and Jakarta. It changed into launched in 2015 with $ 500,000 in preliminary financing, and CEO and co-founder Mario Berta became in the past with Rocket cyber web’s Uber rival handy Taxi.
while its core center of attention is workplace area leases, Berta advised TechCrunch that FlySpaces has different into different commercial enterprise verticals including event venues, retail house and company eating. He spoke of other expansions may also see it stream into billboard spaces.
“We’re taking a look at how we can move sell other things into this area as soon as we acquire a customer,” Berta pointed out.
On the company facet, the FlySpaces makes cash through commissions on bookings made through its website. It retains a cut when a customer that first discovered an area through its provider indications on for a longer leasing, Berta verified. That looks basic when most individuals could e-book a day or yet another brief rent to check an workplace earlier than committing to an extended reserving. moreover, the business additionally runs some adverts selectively, but that accounts for less than 25 p.c of revenue.
Berta referred to his business is already profitable but it sought out investment to ramp up its boom through hiring, accelerated advertising and marketing and product development. The backing comes from undisclosed players in the retail house — however one named investor web community co-president Raymond Rufino — as a result of Berta found that tech VCs “don’t remember” the FlySpaces company. however he admitted that there’s the advantage to be more strategic with these backers.
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FlySpaces already covers the main markets where English is a major language for enterprise in Southeast Asia, and Berta said that whereas there isn’t any instant plan for further nation launches, he’d want to be in all ASEAN international locations eventually. That’ll necessitate strikes into Thailand, Vietnam, Laos and Cambodia at some element.
speaking often on the industry — which now contains WeWork in Southeast Asia — Berta observed that one in all his biggest frustrations is that co-working spaces are generally idea to be focused on tech startups and freelancers. a degree he observed isn’t actual.
“It’s big false impression, the money is in SMEs and corporates,” he argued. “It’s greatest for organizations who don’t are looking to put money into capex and need to maximise their office space.”
one of the vital shoppers which have used FlySpaces encompass Google, P&G, Media Corp and Uber, in line with its web site.
Featured graphic: Lewis Mulatero/Getty pictures
Fundings & Exits – TechCrunch