Philippine-based Start-up FlySpaces Gets $2.1 Funding
FlySpaces empowers businesses as a digital marketplace that provides short-term work and meeting space solutions
PHOTO CREDIT: Getty Images
The co-working industry doesn’t seem to be losing its steam as the year nears its fourth quarter, particularly in the Southeast Asian region. The recent developments with Philippine-based start-up FlySpaces is proof of that.
Although Flyspaces launched only in October of 2015, with a $500,000 initial funding from Future Now Ventures and Narra Ventures; Coent Venture Partner; and Rubina Real Estate, it has already experienced a significant amount of success. In November 2015, FlySpaces acquired Malaysia-based co-working space platform 8spaces. And earlier this year, they have expanded their presence in Jakarta.
Dubbed as the Airbnb of office spaces, FlySpaces operates across Southeast Asia; last August, they raised $2.1 million funding in a Series A round.
Speaking to Inc. Southeast Asia, FlySpaces CEO Mario Berta says, “I can’t disclose revenues figure as they are confidential. But I can disclose that we serve more than 500 customers, have more than 900 offices around Asia for a total of 400,000 sqm of flexible office space on our platform.”
Berta adds, “As we have no regional peers is difficult to say if we’re doing better or worse, [but] I can tell you that we are profitable — something that you do not see in the tech world especially in Asia. That allows us to have a very different approach to the business.”
“FlySpaces empowers businesses as a digital marketplace that provides short-term work and meeting space solutions to entrepreneurs, start-ups, SMEs, and mobile professionals,” according to the company’s website. “Whether the need is for an hour; a day; a week; or a few months, we have a network of hundreds of spaces to discover across key Southeast Asian cities.”
According to a DealStreetAsia report, the recently acquired funding will be used in FlySpaces’ efforts to expand in the region as well as in creating more sophisticated technology features for its digital marketing platforms. It will also be used to increase its growth through increased marketing efforts and hiring.