US-based workspace operator CommonGrounds Workspace reeled in $100m yesterday through a series A round led by real estate investment firm Pacifica Enterprises.
The round included Mohamed Alabbar, the founder and chairman of property developer Emaar, and Bob Davidson, the founder of educational and entertainment software provider Davidson Group.
Founded in 2015, CommonGrounds operates shared workspaces that enable businesses of all sizes to lease offices under flexible short-term agreements.
The company currently maintains locations in San Diego, Denver, Los Angeles and San Jose but plans to expand to approximately 50 spaces in the next two years, covering a total of some 2 million square feet, it told Reuters.
CommonGrounds has nine new sites under construction that are expected to open later this year, and another 35 locations are in development and expected to open in 2019 and 2020. Pacifica had previously supplied the company’s seed funding, it said yesterday, without giving details.
Jacob Bates, CommonGrounds’ chief executive, said: “CommonGrounds’ enterprise-grade workplace design fosters an enriched work-life environment engineered to help companies to attract and retain talent.
“Our hackable environments allow us to create typologies of space that adapt to the business strategy, culture, brand and nature of work that talent demands. These tailored solutions have the look and feel of a company branded workplace.”