China-based property technology startup studio Reinvent Ventures has launched with an undisclosed amount from investors including workspace provider JustCo, property developer Frasers and construction firm Daito Trust, TechCrunch reported yesterday.
Singaporean sovereign wealth fund GIC has also invested in Reinvent, which was founded in May this year by Dominic Penaloza, former head of innovation and technology at co-working space provider WeWork China.
Reinvent has taken on 45 employees across offices in Shanghai, Taiwan and Singapore, many of them old colleagues of Penaloza’s from his days at WeWork and another workspace network operator, Naked Hub.
The incubator has enough capacity to develop four startups simultaneously. It has so far launched Switch, a pay-as-you-go workspace operator, and SixSense, which develops spatial analytics software to facilitate social distancing.