Singapore-based co-working space provider JustCo has received a $74m investment from property developer Daito Trust.
Founded in 2011, JustCo provides workspaces for freelancers and businesses, complete with event space and meeting rooms. Its offering ranges from plans for one day to indefinite stays.
The company looks to capitalise on tailwinds from an increased demand for co-working spaces since the pandemic.
Daito Trust’s investment will be put to further expanding into Japan and elsewhere in Asia, with plans already in place to open Japan’s first co-working facility in Shibuya Hikarie, a skyscraper and retail complex in Tokyo.
Daito Trust previously invested $74m in 2019, though that commitment comprised a $50m equity injection and another $25m into a joint venture – called JustCo DK (Japan) – through which JustCo would bring its workspace model into the Japanese market.
The corporate owns a slight majority of 51% in the joint venture, while JustCo owns the balance.
In May 2018, real estate developer Frasers Property and Singapore’s sovereign wealth fund GIC teamed up for a $177m investment to fund its expansion across Asian markets like China, Japan, Vietnam, Malaysia and the Philippines.
Last year, Frasers reportedly upped its stake to 22.2% through a 12.4m secondary shares purchase.
JustCo had earlier raised $12m in a series B round in 2017 from Sansiri Global Investment, a subsidiary of property developer Sansiri, giving the latter 6% stake in the company.
