Singapore’s JustCo closes Series B round; grows valuation to US$200mil
By Digital News Asia October 13, 2017
- Investment comes from Thai property developer Sansiri
- Hopes to have 30 locations in Asia by 2018
SINGAPORE-based co-working space provider JustCo grew its valuation to US$200 million (RM843.2 million) after closing on an undisclosed amount of investment in the latest round of fund raising from one of Thailand’s largest property developers, Sansiri.
The funds received will fuel JustCo’s expansion into other Southeast Asian cities like Bangkok, Jakarta, Kuala Lumpur, Ho Chi Minh City and Manila.
JustCo aims to open more co-working centres in at least six regional countries, bringing the total number of locations in Asia to 30 by 2018, covering a total floor space of more than one million square feet.
With this, JustCo foresees its current members base to grow by five-fold from the current 12,000-strong community.
JustCo founder and CEO Kong Wan Sing said, “We spent the last five years building up a platform with the vision of becoming the dominant player of co-working spaces in Southeast Asia. Each market in this region presents its own unique challenges but our groundwork for exponential rollout has been laid and we have cultivated strategic partners in the various countries.
“Our inroad for Bangkok will be laid when we partner with Sansiri, one of the largest property players and the only fully-integrated developer in Thailand.”
Sansiri CEO of Apichart Chutrakul elaborates, “We see much potential for the co-working trend to take hold in Thailand and the rest of Southeast Asia and we see JustCo as the right partner to capitalise on this trend.
“Given JustCo’s track record and its acute business strategy, we are optimistic this partnership will bear fruits and we are positive and excited in joining hands with JustCo.”