Upflex becomes latest proptech to announce funding round

Fast-growth protech start-up Upflex has secured $30 mln (€28 mln) in Series A funding led by WeWork, with which it already has a partnership.

Other investors include Newmark and Cushman & Wakefield, as well as returning investors and VCs, such as Ecosystem Integrity Fund, GPO Fund, Coelius Capital, Industry Ventures, Inertia Ventures, Perennial Private Investments, and Silicon Valley Bank. This brings Upflex’s total funds raised to $34.1 million so far.

It becomes the latest in a string of proptech, fintech companies and tech-led property companies to announce successful funding rounds. Housfy, Myrspoven, Nossa Data, Re-Leased, Immo Capital, Mallcomm, and Desana are examples from recent months.

Upflex, which was founded in 2018, says it is an ‘all-in-one global provider of hybrid workspace solutions’ enabling businesses of any size to book on-demand flex workspace in over 6,000 locations, including 500 in the UK and more than 1,900 in Europe.

The way it operates is similar to OpenTable in the hospitality trade or AirBnB in travel.

Upflex already announced in February this year how it had secured an exclusive partnership with WeWork giving Upflex members access to WeWork spaces. The company says it it is the only platform that has such an agreement with the New York-based company.

The $30m in funding will now see Upflex accelerate its growth in the UK and Europe. Globally Upflex is targeting growth of more than 200 new locations per month, of which around 100 are expected to be in UK and Europe.

Christophe Garnier is CEO and cofounder.

He said: ‘We’re excited and humbled to partner with global leaders in commercial real estate and top proptech investors. 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.’

Sandeep Mathrani, CEO of WeWork, said: ‘WeWork has always been at the forefront of workplace innovation and we are constantly looking for best-in-class partners to enhance the solutions we provide to companies of all sizes around the world.’


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