Proptech start-up Upflex has raised $30m (£24m) in a series A round, taking its total funds raised to date to $34.1m. The raise was led by WeWork, with participants including Newmark and Cushman & Wakefield.
Other investors included returning investor Ecosystem Integrity Fund and venture funds including GPO Fund, Coelius Capital, Industry Ventures, Inertia Ventures, Perennial Private Investments and Silicon Valley Bank.
The raise comes after the platform secured a partnership with WeWork in February that provided Upflex members with access to more than 6,000 bookable locations across the globe, including more than 500 in the UK. In addition to its partnership with WeWork, Upflex has more than 700 other flex operator partners.
Founded in 2018, the hybrid workspace solutions provider aims to expand its software offering, recruit talent and grow its network to 30,000 bookable workspaces by 2025. On a monthly basis, Upflex is targeting growth of more than 200 new locations, of which around 100 are expected to be in the UK and Europe.
Christophe Garnier, chief executive and co-founder of Upflex, said: “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, chief executive of WeWork, added: “We are confident that our exclusive partnership with Upflex provides an advantage in our ability to support a more flexible, hybrid world of work.”
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