Upflex Announces $30M Series A From Top Strategic & Venture Funds

Rhea-AI Summary

Upflex has successfully closed a $30 million Series A funding round, led by WeWork (NYSE: WE), raising its total funding to $34.1 million. The investment includes participation from major players like Newmark, Cushman & Wakefield, and others. Upflex aims to enhance its technology and expand its network to 30,000 bookable workspaces by 2025, catering to the demand for hybrid work solutions. This partnership with WeWork strengthens Upflex's position as a leading provider of flex workplace solutions, further driving its growth in the proptech sector.

Positive

• Successfully raised $30 million in Series A funding, totaling $34.1 million raised to date.
• Strategic partnership with WeWork enhances Upflex's marketplace presence and offerings.
• Plans to expand to 30,000 bookable workspaces by 2025, indicating strong growth potential.

Negative

• None.

—The capital infusion aims to cement the startup as the flex industry standard; connecting corporate occupiers, flex space providers and brokerage firms for maximum efficiency—

NEW YORK--(BUSINESS WIRE)-- Upflex—the premier global provider of hybrid workspace solutions—announced the closing of its $30 million Series A round. The raise was led by WeWork with participation from notable strategic investors Newmark and Cushman & Wakefield as well as returning investor Ecosystem Integrity Fund, and top venture funds including GPO Fund, Coelius Capital, Industry Ventures, Inertia Ventures, Perennial Private Investments, and Silicon Valley Bank. This brings Upflex’s total funds raised to-date to $34.1 million.

Upflex entered into a strategic and exclusive partnership with WeWork in February 2022 which increased Upflex’s global network to over 6,000 bookable locations. As the sole aggregator of WeWork inventory, Upflex and WeWork clients now benefit from enhanced optionality in workspaces as they aim to adopt hybrid work strategies.

“We’re excited and humbled to partner with global leaders in commercial real estate and top proptech investors who bring the market expertise and the financial backing that is needed to further our growth,” said Christophe Garnier, CEO & Co-Founder of Upflex. “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.”

Founded in 2018, Upflex will utilize this capital infusion to further accelerate its core mission of creating a multi-faceted technology standard that connects occupiers, brokerage firms and flex space partners with the solutions that the flex industry needs to meet the demand of the hybrid generation. Upflex’s data-driven solutions help reduce overhead while simultaneously increasing sustainability, satisfaction as well as scalability for companies of all sizes, from start-ups through global enterprises. The fast growth prop tech startup plans to expand its software offering, recruit top talent as well as expand its comprehensive network to 30,000 bookable workspaces by 2025.

“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,” said Sandeep Mathrani, CEO of WeWork. “We’re confident that our exclusive partnership with Upflex provides an advantage in our ability to support a more flexible, hybrid world of work.”

For flexible space partners, Upflex creates enhanced exposure for their portfolio of assets, while enabling them to manage their inventory without added incremental capital investments. For employees, it enables office location and desk booking flexibility while empowering employers to expand their definition of workspace, bringing their owned and leased real estate into the same centralized, easy-to-use booking ecosystem with a worldwide network of thousands of workspaces on demand. Managers have access to real-time usage data and trends over time, enabling them to create customized, long-term hybrid solutions optimized to their business objectives, employee happiness and sustainability goals. Upflex’s technology and space network have been tapped to power portfolio management tools and client offerings by some of the world’s leading brokerages.

Upflex—which continues to deliver an unparalleled employee choice and experience, robust data backbone, in-depth employer workspace controls and access to the best quality marketplace of flex spaces—currently boasts on-demand access to more than 6,000 bookable locations spanning 80 countries, 900 cities and growing. In addition to its exclusive partnership with WeWork, Upflex has more than 700 other flex operator partners.

About Upflex: Upflex is a fast-growing, global proptech company offering a suite of SaaS solutions for the hybrid workplace. Upflex’s all-in-one technology stands to become the flex industry standard, connecting occupiers, brokerages and flex space providers in one seamless ecosystem that champions flexibility and choice, and makes distributed work simpler, more cost-efficient, more sustainable, more scalable, and more secure. A technology-driven company, Upflex is built on the belief that the key to a better world of work lies in data. Their platforms provide users with rich, actionable workspace usage data to drive smarter workspace decisions, and greater efficiency overall, for companies, for the workforce, and for the planet.

About WeWork: WeWork (NYSE: WE) was founded in 2010 with the vision to create environments where people and companies come together and do their best work. Since then, we’ve become one of the leading global flexible space providers committed to delivering technology-driven turnkey solutions, flexible spaces, and community experiences.

For more information about WeWork, please visit us at WeWork.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220523005769/en/

Media Contact:

Elise Szwajkowski

Marino; Vice President

eszwajkowski@marinopr.com

(212) 402-3495

Source: Upflex

FAQ

What is the recent funding announcement for WeWork (NYSE: WE)?

WeWork participated in Upflex's recent funding round, contributing to a total of $30 million raised.

How much capital has Upflex raised to date?

Upflex has raised a total of $34.1 million to date.

What are Upflex's growth plans following the funding announcement?

Upflex plans to expand its network to 30,000 bookable workspaces by 2025.

What role does WeWork play in Upflex's business model?

WeWork is a strategic partner, allowing Upflex to aggregate WeWork's inventory and enhance workspace options.

How does Upflex aim to impact the hybrid workspace market?

Upflex is focused on creating a technology standard that connects occupiers, brokerage firms, and flex space providers.