JustCo, a Singapore-based co-working office space operator, has raised $12m in series B funding from Sansiri Global Investment, a subsidiary of property developer Sansiri, DealStreetAsia reported on Friday, citing a securities filing.
The filing that indicates that the transaction was completed in September this year and valued JustCo at $200m, giving Sansiri a 6% stake.
Founded in 2011, JustCo is a subsidiary of JustGroup, which also owns serviced office provider JustOffice. It operates 180,000 square feet of co-working office space across four locations in Singapore.
The company formed a partnership with China-based Naked Hub in July 2017 to create one of the largest chains of co-working space in Asia.
The series B funding will support international expansion, as JustCo looks to expand its network to cover 1 million square feet of space spread across 30 locations in cities such as Bangkok in Thailand, Ho Chi Minh City in Vietnam and Manila in the Philippines.
JustGroup received an undisclosed amount of funding from asset management firms Tikehau Capital Partners and Pinetree Capital Partners in October 2015, a month after JustCo was founded.