Knotel, a NYC-based flexible workspace provider, completed a $400m financing.
The round was led by Wafra, an investment arm of the Sovereign Wealth Fund of Kuwait, with participation from
– Mori Trust (one of Japan’s leading real estate business operators),
– Itochu (one of Japan’s largest trading conglomerates),
– Mercuria (a leading Japanese equity firm).
Returning and previous investors include Norwest Venture Partners, Newmark Knight Frank, Bloomberg Beta and Rocket Internet.
Founded in 2016 by Amol Sarva, CEO, Knotel is a flexible workspace provider that gets, fits, fills and manages space for large enterprises. With over 4 million square feet across 200+ locations in New York, San Francisco, Los Angeles, Washington, D.C., Boston, Toronto, London, Berlin, Paris, São Paolo and Rio de Janeiro, the company gives businesses spaces tailored to their unique needs by an in-house team of architects, interior designers, and workplace strategists.
Knotel intends to use the funds to:
– grow its presence in existing markets,
– continue expansion into the world’s 30 largest cities,
– deepen its engagement with global enterprise accounts,
– accelerate recent innovations – Baya and Geometry – aimed at streamlining its core service delivery model.
Baya, a blockchain platform used internally to facilitate data-driven acquisition decisions, will allow the company to further reduce transaction costs.
Geometry, a subscription service for adaptable workplace products, will allow Knotel to fit-out workspaces for flex-minded clients.
Since inception in 2016, the company has grown to more than 4 million square feet across more than 200 locations in New York, San Francisco, London, Los Angeles, Washington, D.C., Paris, Berlin, Toronto, Boston, São Paulo and Rio de Janeiro.
In less than 4 years, Knotel has raised a total of $560m and is now valued at more than $1 billion.