US-based working space provider Industrious completed an $80m series C round on Tuesday that included media company Alrai and financial services firm Wells Fargo’s Strategic Capital unit.
Riverwood Capital and Fifth Wall Ventures co-led the round, which also featured real estate investment firms Outlook Development Group and Rabina Properties, and boutique advisory and investment firm Schechter Private Capital.
Founded in 2013, Industrious supplies office space to established companies through a scalable model that can be adjusted according to a client’s size and needs. It has 25 locations across the US with another five being prepared for opening.
The company will use the series C funds to expand geographically, and to invest in work and workplace technologies in order to find ways to more effectively utilise space.
Jamie Hodari, co-founder and chief executive of Industrious, said: “The workforce is rapidly evolving, as are its demands for flexibility, mobility and scalability; at the same time, employee expectations for beautiful and productive work environments are increasingly high.
“The co-working industry is maturing to meet these demands, and established companies are seeing co-working as a powerful and efficient solution to their office management needs.
“Over the next year, we will continue to see a paradigm shift in how the business world defines and makes use of the co-working model, and Industrious is leading that charge.”
Industrious had previously raised $37m in a September 2016 series B round led by Riverwood Capital that included Outlook and Maple Woodward Capital, taking its total funding to $51m according to The Real Deal. Riverwood led a $25m extension to the round in March 2017.
– Photo courtesy of Industrious.