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Co-working Startup Spacemob Raises a Record US$5.5 Million in Seed Funding

2016-11-23 09:58

SINGAPORE, Nov. 23, 2016 /PRNewswire/ -- Spacemob, a Singapore-based co-working startup concept, announced the closing of a record US$5.5 million seed funding round.

Led by Vertex Ventures Southeast Asia, the region's more experienced and leading venture fund, which was the first VC investor in Grab, Reebonz, Paktor and many other start-ups, the sum is the largest seed funding round figure ever recorded in Southeast Asia.

The brainchild of seasoned entrepreneur Turochas "T" Fuad (founder of Travelmob, a vacation rental site that was acquired by HomeAway in 2013), Spacemob differentiates itself from its competitors by approaching co-working with a new business model and by developing proprietary technology to benefit members.

Mr Fuad's business vision of how to run co-working spaces is a unique one. By taking a management approach to co-working -- where Spacemob works on a model not unlike that of a hotel operator -- the company manages to remain asset light while creating big benefits to all parties that are involved, whether it be Spacemob's members or the owners of the properties Spacemob sits in. The result is a financial model that is easily scalable yet lower risk in nature.

Says Mr Fuad: "What this means is that the more successful Spacemob is, the more yield the property owners get out of the space. In an age where commercial and retail properties are finding it difficult to find tenants, Spacemob offers them a unique way to get the most out of the space that they have. This in turn benefits the new workforce who seek more flexible work environments. Think of us as hotel operators, just one that offers a co-working management service instead."

Last month Spacemob launched its first 15,000 sq. foot co-working space in Singapore, centrally located on Claymore Hill. It currently counts entrepreneurs, freelancers and MNCs such as General Assembly and Big Sync (a Unilever company) as its clients and the business is already operationally profitable just a month and a half after its launch.

Another two Spacemob sites are due to open in Q1 of 2017 in Singapore and Jakarta. The plan is to have 30 Spacemob sites across Asia Pacific within the next 36 months.

"We live in a world where the concept of a shared economy is commonplace, and one that is inhabited by what I call global working citizens," says Mr Fuad. "No longer are people limited to working within one structure of space. Spacemob was designed to allow the space to follow you.

"The idea is to allow our members to work at any of our Spacemob sites around the region, which appeals not just to frequent travelers and creatives, but also to SMEs and MNCs who wish to be more asset light -- we add value by helping them to save on rental cost while allowing them to put their staff in a more dynamic and creative environment."

Adds Mr Chua Kee Lock, Group President and CEO, Vertex Venture Holdings: "Spacemob stood out from other co-sharing players in the market because of their business model and regional expansion plans. With Mr Fuad's background and track record in the sharing economy, we are confident that Spacemob will be a rousing success story."

Apart from Vertex Ventures, the other primary investors are angels in the property and hospitality industries and Alpha JWC Ventures out of Indonesia.

Concludes Mr Fuad: "This is significant because it proves that the Spacemob concept has legs. Our aim is to change the game by disrupting the space industry."

For more information contact, +65 9736 3462.

High res images for download here:

About Spacemob

Spacemob is a 15,000 sq. foot co-working space in Singapore, centrally located on Claymore Hill. Targeting entrepreneurs, freelancers, SMEs and MNCs, Spacemob offers its members access to a community of like-minded individuals, events, as well as full business services such as IT, finance, operations, back office support and health insurance plans. Spacemob boasts a digitally-optimised environment that includes high-speed Internet access, a centralised booking system, wireless payments, and plans to install RFID-tracking technology to maximise space efficiency. A second and third Spacemob are due to open in Singapore and Indonesia by Q1 of 2017 with future plans to open in various cities across Asia Pacific by the end of 2017. Spacemob has a target of 30 sites across Asia Pacific by 2019.

About Vertex Ventures 

Vertex is a leading global venture capital group supporting entrepreneurs to transform their innovative ideas into world-class businesses. With cumulative committed capital in excess of $2.5 billion, Vertex invests in early stage IT and healthcare opportunities in China, Silicon Valley, India, Israel, and South East Asia. Since 1988, Vertex is honored to have partnered with the founder of global leaders such as Waze, 91 Wireless, Grab, IGG, CyberArk, Reebonz, SolarEdge, Force10, FirstCry, Yatra and Changba.

About Alpha JWC Ventures

Alpha JWC Ventures is an independent and institutional venture capital firm with offices in Jakarta and Singapore which invests in early- to growth-stage technology companies in South East Asia with strong focus in Indonesia. They focus on backing extraordinary founders as a value-added partner to build sustainable and successful businesses. Some of their current investments include Carro, modalku, Funding Societies, and

Source: Spacemob

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