US-based workspace provider Knotel has received $60m in funding from investors including Bloomberg Beta, the corporate venturing vehicle for media group Bloomberg, the Wall Street Journal has reported.
Norwest Venture Partners (NVP), the venture firm funded by financial services firm Wells Fargo, led the round with a $50m investment while real estate advisory firm Newmark Knight Frank also took part.
Founded in 2016, Knotel designs and builds specialist workspaces for corporate customers that are tailored to their individual requirements, leasing to them under flexible short-term contracts.
The startup also manages the spaces on behalf of its clients, and has opened offices in New York, San Francisco, London and Berlin. It now runs more than 1.7 million square feet of space and has increased the number of locations it runs from 20 to about 100 this year.
Knotel has now raised $160m in funding, it said. Newmark Knight Frank and real estate holding company The Sapir Organization co-led a $70m series B in April 2018 that also featured property developers Wolfson Group, Moinian Group and Wainbridge Capital.
The series B round, which valued Knotel at about $500m, came in the wake of $25m in series A funding in February 2017 from Bloomberg Beta, e-commerce holding group Rocket Internet, Invest AG, which invests for financial services firm Raiffeisen, VC firm 500 Startups and assorted angel investors.
