Co-working operator Second Home, the co-working space run by a former aide to ex-prime minister David Cameron, is to seek new funding following cost overruns at its Hollywood outpost.
Rohan Silva, the start-up’s co-founder, told the Financial Times he had agreed terms for a new injection of capital from existing investors.
Its search for new funding, a year after it had raised £20m, comes as investors are growing more cautious about shared-office start-ups, following the issues faced by SoftBank-backed WeWork.
The UK-based start-up has five other locations in London and Lisbon.
In 2017, Second Home made a loss of £5.2m on £5.4m of revenue, according to accounts for that year.
Companies House records list the start-up’s 2018 accounts as overdue by a month.
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