Convene Secures $152M in Series D Funding

Convene, a NYC-based network of tech-enabled meeting, event, and flexible workspaces, secured $152m in Series D funding.

The round, which more than doubles the previously announced Series C round, bringing total equity funding to-date to $260m, was led by ArrowMark Partners, with participation from Declaration Capital, QuadReal Property Group, Revolution Growth, and RXR Realty and returning investors ArrowMark Partners, Brookfield, CVC2, The Durst Organization, and Elysium Management.

The company intends to use the funds to achieve national scale, expand its service offerings, and launch a new workplace technology platform.

Led by Ryan Simonetti, CEO and Co-Founder, Convene operates a network of tech-enabled meeting, event, and flexible workspaces. Founded in 2009, the company partners with property owners to deliver meeting and workplace experiences in Class A office buildings in New York City, Boston, Philadelphia, Washington, D.C., and Los Angeles, with plans to expand globally.
More than 50 percent of Conveneā€™s revenue comes from Fortune 500 companies. The company recently announced its acquisition of Beco, a mobile workplace analytics and data platform, to provide commercial real estate landlord partners with insights and data about the workplace.

By the end of 2018, it will have 23 locations in five cities totaling approximately 700,000 square feet and is projected to have 1,700,000 total square feet of space in 10 cities by the end of 2019.

FinSMEs

10/07/2018

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