US-based workplace services provider CommonGrounds Workplace has increased its series A round to $140m with funding from investors including educational and entertainment software provider The Davidson Group.
Real estate investment firm Pacifica Enterprises and Mohamed Alabbar, founder and chairman of property developer Emaar Properties, also took part in the $40m second tranche. Both had already backed the $100m first close in January 2019 alongside Davidson Group chairman Bob Davidson.
CommonGrounds offers a range of tailored workplace options for corporate customers including on-demand headquarters, flexible workspaces and private offices, in addition to hosted events and facility management, all of which can be managed through its mobile app.
The company can build its spaces quickly by using its own demountable wall technology, which improves the cost and time required for new infrastructure. It has locations built or under construction in 20 US cities and aims to have 50 up and running in the next two years.
Jacob Bates, CommonGrounds’ chief executive, said: “CommonGrounds is offering the only true enterprise-grade, adaptive or Hackable Environment in the flexible office marketplace.
“Being the second mover to an industry that has so much demand, we see the unaddressed opportunities within the current market. We developed a series of enterprise-grade products and services for companies in various stages of growth while delivering a high-quality brandable environment very much like a Fortune 1500 headquarters.”
Pacifica had previously provided an undisclosed amount of seed funding for CommonGrounds, which was founded in 2015.
Photo courtesy of CommonGrounds Workplace.
