China-based shared space provider Campfire has received $18m in a series A round co-led by real estate conglomerate Kwai Hung Group, Deal Street Asia reported yesterday.
Cosmetics retailer Sa Sa International also participated, as did investment holding company Rykadan Capital’s Fast Global Holdings subsidiary, which co-led the round, Ring Capital and Potent Assets.
Founded in 2016, Campfire operates co-working spaces that offer specialised facilities such as meeting rooms, 3D printers, photographic studios and catwalks.
The company also markets co-education centres and co-living apartments aimed at young professionals. It reportedly oversees more than 560,000 square feet of space in 20 locations spanning four countries.
Campfire will use the capital to sustain its expansion with the opening of new spaces in London, Melbourne, Sydney and Singapore, in addition to planned developments in Tokyo, Osaka, Bangkok and Brisbane.
Campfire had previously raised $2.8m in a January 2017 round backed by internet companies GMO and DeNA, online advertising firm Septeni Holdings, marketing software provider Freakout Holdings and SMBC Venture Capital, a subsidiary of Sumitomo Mitsui Financial Group.
D4V, East Ventures, ISGS Investment Works, Suneight Investment and assorted angel investors also took part, and Campfire secured $6m in seed capital from unnamed real estate angel investors two months later, according to e27.
Wang Tse, co-founder and chief executive of Campfire, said: “In such a competitive industry, we saw a huge need for innovation and differentiation, not only in Hong Kong but worldwide.
“While we have seen a lot of new entrants into the market over the past two years, having a solid and strong business model, working with the right partners and ensuring we maintain a unique offering for our members has been instrumental to delivering results for our investors.”