US-based workspace provider Convene has raised $152m in a series D round that included real estate developers QuadReal Property Group, Brookfield Property Partners, The Durst Organization and RXR Realty.
Asset management firm ArrowMark Partners led the round, which also featured family office Declaration Capital, wealth management firm Elysium Management and growth equity firms Revolution Growth and Conversion Venture Capital.
Founded in 2009, Convene provides businesses with working space as well as meeting rooms and event space in upmarket offices that are owned by its real estate partners, allowing clients to access space through flexible rental models.
The series D funding will be used to expand Convene’s available spaces as well as the range of services it offers. It intends to have 700,000 square feet available across five cities by the end of this year, and to grow that to 1.7 million square feet spanning 10 cities by the end of 2019.
The company, which acquired workplace data analytics software provider Beco in May this year, is also developing a workplace technology platform it plans to soon launch.
RXR Realty’s chairman and CEO, Scott Rechler, said: “Convene has been at the forefront of understanding and shaping its offering to address the fast-changing demands from established companies for innovative workplace solutions.
“As a landlord partner with Convene in multiple properties, we have seen firsthand how they both fill a market void for corporate clients as well as provide an extraordinary amenity for building owners. We believe that Convene will play a key role in responding to the shifts occurring in our industry and are excited to be a partner with them on this journey.”
The round valued Convene at more than $500m, a person with knowledge of the matter told Bloomberg, and the company has now raised $271m in equity funding altogether.
Brookfield Property, The Durst Organization, ArrowMark Partners, Conversion Venture Capital and Elysium Management all took part in the company’s last round, a $68m series C in May 2017.
– Photo courtesy of Convene.