Industrious, a New York-based workspace provider, closed a $37M Series B funding round.
The round was led by Riverwood Capital.
The company intends to use the funds for the continued expansion of its locations to 12 new properties in addition to the 11 cities it currently serves, and grow its scope of services to enterprise clients.
Co-founded in 2013 by Jamie Hodari and Justin Stewart, Industrious operates hospitality-focused coworking spaces in Atlanta, Austin, Chicago, Columbus, Los Angeles, Minneapolis, Nashville, New York, Philadelphia, Raleigh and St. Louis, housing some recognizable companies such as Hyatt, Spotify, and Pinterest.
THE PRESS RELEASE
INDUSTRIOUS ACCELERATES GROWTH PLAN, EXPANDING TO TWELVE ADDITIONAL PROPERTIES AND CLOSING $37M SERIES B
The premium coworking brand closed a new equity financing round led by Riverwood Capital to expand its national footprint and suite of workplace services
NEW YORK, NY – Industrious, the New York-based workspace provider today announces the close of a $37M Series B round, led by Riverwood Capital. The round will finance the continued expansion of Industrious’ high-end, hospitality-focused coworking locations to 12 new properties in addition to the 11 cities it currently serves.
“Industrious creates stunning workspaces that are warm and engaging,” said Jamie Hodari, CEO and cofounder of Industrious, “we provide the hospitality people deserve in the place they least expect it, which has proven to be a powerful offering in a world where impersonal and unpleasant office experiences are the norm.”
Industrious locations house some of the country’s most recognizable companies, such as Hyatt, Spotify, and Pinterest. In the past year, Industrious has seen a spike in demand for its hospitality-focused, premium coworking spaces, leading to 5x year-over-year growth in revenue.
As large and small businesses are facing a more dynamic business environment and an increasingly competitive market for talent, companies across the country are turning to Industrious to help them deliver the inspiring workplaces they need to stay competitive. Today, Industrious serves thousands of members in 11 cities, 92% of whom report feeling more productive after having joined Industrious.
“At Industrious, we treat our members the way the world’s best hotels and restaurants treat their guests,” said Rachael Gursky, Head of Hospitality at Industrious. “Doing this in a thoughtful way results in very satisfied, loyal customers.”
The most recent fundraising round enables Industrious to not only grow its network of cities, but also to add new locations in its existing cities and expand its scope of workplace services to enterprise clients.
“As we experience a transformation in how people work and collaborate, we’ve aligned ourselves with Industrious to transform the workplace and offer a premium solution to corporations, small businesses and entrepreneurs,” said Francisco Alvarez-Demalde, Founder and General Partner at Riverwood Capital. “The Industrious team has established a significant platform and operating track record in less than three years, and this is only the beginning.”