Daily Markup #852: WORQ raises pre-Series B funding to expand co-working space & space-as-a-service for startups, SMEs and corporates

October 16, 2023 · 2 min read

Room to grow

There’s plenty of opportunities in the co-working space, with flexible offices only having 1% market penetration in Kuala Lumpur, compared to the 3% regional average, and 30% projected by 2030. (JLL Research)
Malaysia’s very own 500-backed coworking space provider WORQ has an exceptional track record of profitability and, according to the team, a dominant market position, attracting 14 investors in its latest pre-Series B fundraising round.
Global asset management firm, Phillip Capital, led this round with its largest placement to-date and its third consecutive investment into WORQ.
WORQ is currently on track to double its space under management by the end of 2023 and aims to triple that to 450,000 square feet by 2025.
“Southeast Asia has become a prime location for many businesses looking to diversify and build their global supply chain. The Malaysian market is strategically positioned to capture these opportunities as we are a diverse, multilingual country with an educated talent pool and a robust SME supply chain,” – Stephanie Ping, CEO and Co-Founder of WORQ.
Aiming to become the ‘Amazon of office spaces’, WORQ’s innovative Space-As-A-Service model provides clients scalability and flexibility through its network of cloud offices, with corporate clients accounting for 70% of WORQ’s demand compared to only 20% pre-pandemic
To date, WORQ has incubated 300 startups and 100 tech companies with plans to enable over 10,000 workers by 2025.
Read the full story on TechNode Global.