US-based workspace provider Knotel closed a $400m financing round featuring media group Bloomberg, real estate developer Mori Trust, e-commerce holding company Rocket Internet and diversified trading group Itochu yesterday.
Kuwaiti sovereign wealth fund Kuwait Investment Authority led the round through subsidiary Wafra and was joined by real estate advisory Newmark Knight Frank, private equity firm Mercuria and venture capital firm Norwest Venture Partners, while Bloomberg invested through its Bloomberg Beta unit.
Knotel operates an international network of more than 200 flexible workspaces, employing a team of architects, interior designers and office experts to tailor spaces for the individual needs of each of its corporate customers.
The round valued Knotel at more than $1bn and the proceeds will support an expansion into new markets as well as the strengthening of its presence in the world’s 30 largest cities.
The company also plans to beef up its architectural office product rental service, Geometry, and its blockchain-based property acquisition analysis platform, Baya, using the money.
Knotel has now raised $560m since being founded in 2016. Bloomberg Beta and Rocket Internet joined financial services firm Raiffeisen’s Invest AG unit, 500 Startups and various angel investors to supply it with $25m in series A funding in early 2017.
Newmark Knight Frank and real estate holding group Sapir Organization co-led Kontel’s $70m series B round in April 2018 at a $500m valuation, participating together with property developers Wolfson Group, Moinian Group and Wainbridge Capital.
The company subsequently added $60m in an October 2018 round led by Norwest Venture Partners and backed by Bloomberg Beta and Newmark Knight Frank.
Photo courtesy of Knotel.
