Swivel, an Austin, Texas-based new online service where companies can find and design their own plug-and-play workspace and pay for it on flexible terms, raised a $4.75M seed funding round.
The round was led by First Round Capital with participation from Fuel Capital, Correlation Ventures, Great Oaks Venture Capital, Hack VC, Capital Factory and Abstract Ventures and existing investors Floodgate and Next Coast Ventures.
The company intends to use the funds to make key hires at its Austin-based headquarters, grow its platform and expand into new cities.
Co-founded by CEO Scott Harmon, Tabrez Syed, David Proft, Wade Cohn and Greg Kattawar, Swivel is a new online service where companies can find and design their own plug-and-play workspace and pay for it on flexible terms. It manages the build-out and enables companies to move into their own personalized, private office space in four weeks. In addition to helping businesses find and design spaces directly via its website, the company works with tenant advisory firms that consult with businesses to help them find new office space and landlords to market their properties.
Current partners include ECR, CBRE, HPI, Stream, Colliers International, Avison Young, Live Oak, Elevate Growth Partners, AQUILA and Newmark Knight Frank.
The company currently lists 45 spaces throughout Austin and has enabled four companies to create a workspace suited to their brand and needs.