US-based co-working space provider Cambridge Innovation Center (CIC) raised $58m in equity funding yesterday from real estate developer HB Reavis.
Founded in 1999 as Cambridge Incubator, CIC operates co-working spaces dubbed innovation campuses that are aimed at corporations, startups and venture capital firms. The facilities offer office and biotechnology lab space as well as specialised equipment to attract local industry.
The company operates locations in the American cities of Cambridge, Boston, St. Louis and Miami as well as a space in the Dutch city of Rotterdam.
The funding will be used to expand CIC’s network in a drive that will include the opening of an additional building in St Louis, an extension in Cambridge and new facilities in Philadelphia and Providence. It is also working on centres in Dublin, Ireland and Tokyo, Japan.
CIC will also increase recruitment and enter Poland, where it aims to open a Warsaw campus in 2020 as it moves toward a targeted presence in 50 cities internationally. The Warsaw facility will be located within a complex currently being built by HB Reavis called Varso Place.
The company had previously disclosed $10m in funding from venture capital firm Draper Fisher Jurvetson and consultancy Boston Consulting Group in 1999. Draper Fisher Jurvetson also established a $100m fund at that time to back companies joining CIC.
Tim Rowe, co-founder and CEO of CIC, said: “Partnering with HB Reavis, a strategic investor that is at the forefront of commercial real estate, enables us to dramatically accelerate the expansion of our global network of innovation campuses, including our upcoming launch in Poland.
“These funds also bolster our ability to attract top talent as we grow our executive leadership team to manage this next phase of growth.”