CommonGrounds Workplace, a San Diego, CA-based enterprise-grade Workplace-as-a-Service (WaaS) company that collaborates with companies and asset owners needing flexible space solutions and services, raised an additional $40m in Series A funding.
Backers included Pacifica Enterprises, The Davidson Group, formerly Davidson and Associates, and Mohamed Alabbar.
The company intends to use the funds to expand operations.
Led by Jacob Bates, chief executive officer, CommonGrounds is a national Workplace-as-a-Service (WaaS) company offering flexible workplaces, office, HQ on Demand, coworking, and property services for companies of all sizes and asset owners.
Additional services include hosted events, speakers, lunch and learns, and facility management all powered by CG+, its mobile application. The app allows a member to manage the company’s subscription, team, book rooms, post jobs and can be white-labeled for asset owners and HQaaS members. Each workplace offers enterprise-grade quality furniture, fixtures, security, and technology infrastructure while capturing each location’s character through its human-centric designs. The company developed and patented its demountable wall system in partnership with manufacturer, Tecno out of Milan, Italy, to address the customization, quality, sound mitigation, and security needs of an enterprise company.
In a year, CommonGrounds has grown from one open location in Carlsbad, Calif. to 21 workplace locations in various stages of opening. To date, locations open and under construction comprise approximately 610,099 square feet in 20 cities and 11 states. The company has signed over 294,000 square feet of new leases in seven cities including Midtown Atlanta, the Chicago Loop, downtown Los Angeles, Philadelphia’s Center City, South Lake Union in Seattle, and two Washington D.C. locations. It is in current negotiations and talks with asset owners across the U.S. to expand its footprint to two million square feet in roughly 50 locations within 24 months.