DealmakingM&A / FundingProptechReal Estate Tech

Hybrid workspace startup Upflex raises $30M Series A led by WeWork

Upflex, a global hybrid workspace solution provider, today announced raising a $30 million Series A led by WeWork, according to a press release.

The company says it will use the funding, which also included participation from notable strategic investors Newmark and Cushman & Wakefield, to accelerate its technology standard that connects occupiers, brokerage firms and flex space partners to meet hybrid workspace demand.

To accomplish this, Upflex says it plans to expand its software offering, recruit top talent and expand its network to 30,000 bookable workspaces by 2025. The company currently provides access to over 6,000 bookable locations across 80 countries, 900 cities and has more than 700 flex operator partners in addition to its strategic WeWork partnership.

Through its proptech platform and technology, the company says its data-driven solutions “help reduce overhead while simultaneously increasing sustainability, satisfaction as well as scalability for companies of all sizes, from start-ups through global enterprises.”

“We’re excited and humbled to partner with global leaders in commercial real estate and top proptech investors who bring the market expertise and the financial backing that is needed to further our growth,” stated Christophe Garnier, Upflex co-founder and CEO, in the release.

“We plan to leverage the funds to expand our market leading technology and team as we continue to cement ourselves as the backbone of the flex industry, setting the standard for what today’s employers and employees seek in the workplace.”

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On the property owner side, Upflex provides exposure for portfolio assets and enables inventory management without incremental capital investments. It provides hybrid employees with office locations and desk booking services, which it says also provides employers to expand their workspace and bring owned and leased real estate into a single, centralized booking ecosystem.

In addition, the platform provides managers with real-time usage data and trends, and enables them to create customized, long-term hybrid solutions that are optimized to their business objectives.

The investment by WeWork is interesting, considering the large flexible workspace and community experience provider is already working to create its own workplace management product, WeWork Workplace.

Newmark, who also participated as a strategic investor, also recently launched its own flexible office space platform, Optality. Whether or not these larger firms are investing to bolster their own capabilities, or to spread their funds across a wider net of hybrid work platforms, it is clear that they both see large potential in flexible office space.

Returning investor Ecosystem Integrity Fund and venture funds including GPO Fund, Coelius Capital, Industry Ventures, Inertia Ventures, Perennial Private Investments and Silicon Valley Bank also participated in the Series A.

In other recent proptech news, Arturo partnered with satellite intelligence firm ICEYE to provide property insurers real-time flood intelligence. “As-is” property marketplace Sundae also launched its new premium property investment membership program, Edge.

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