Breather closed a $6M Series A round led by RRE Ventures, funding future expansion of its network of for-rent, amazingly designed, affordably priced, 24/7-accessible private spaces, in which busy urbanites can work, meet, relax, etc. in personal oases of peace and quiet. Breather's intuitive, easily-to-navigate smartphone app allows users in New York, San Francisco, and Montreal to book Breathers on the go, anytime, anywhere. Also contributing to this round are Vayner/RSE, Real Ventures, SOS Ventures and others. The total funding to date is $7.5M.
Breather expanded from 3 to 12 locations in New York City alone in just under six months; the company projects it will offer 100 additional locations within the next year, serving thousands of hours of peace and quiet per week.
'Real estate is one of the most illiquid and opaque markets in the world, and when we started Breather, we knew we had a crazy road ahead of us, and a huge opportunity if we could make it work,' says Julien Smith, CEO of Breather. 'What was shocking to us isn't that it worked, but that it worked so well so early. We have actors using the space for rehearsals, business people using the space to make calls and use the Wi-Fi, clothing designers using the space as pop up shop locations, and meditation teachers/life coaches using the space for one-on-one sessions. We hear new stories every day about how our members find our spaces useful. There are thousands of active users and reservations in the system every month. Our utilization is beyond anything else in the industry, with people returning often and, even more often, telling their friends.'
'I started using Breather earlier this year when they first opened in NYC. The initial experience was flawless from beginning to end,' says Steve Schlafman, Principal at RRE Ventures. 'We were surprised to discover that not only business professionals were using Breather spaces, but also freelancers, artists, actors and general travelers looking for a quiet place. Breather is enabling a paradigm shift in the way that people discover, book, and access productive space. RRE Ventures is thrilled to work with Julien and the team at Breather to expand the network across America.'
Smith projects exponential growth in Breather's future, following its successful Series A round: 'We are excited to announce our San Francisco launch with our first three locations in Powell, South Park, and Montgomery sections of the city now available for rent. We look forward to bringing Breather to many more cities in upcoming months. We have validated a ton of assumptions around our work, and now we know we can move fast.'
About RRE Ventures
RRE Ventures is an early stage venture capital firm headquartered in New York City. Since their founding in 1994 they have sought out and partnered with extraordinary entrepreneurs who seek to disrupt and transform major industries including financial services, manufacturing, advertising, retail, healthcare, publishing, education, and real estate. RRE has managed six funds since its inception in 1994, with more than $1.2 billion under management and investments in over 200 portfolio companies across North America.
For more about RRE Ventures, visit www.rre.com
About Breather
Breather is a network of private rooms inside cities that are rented by mobile app. If you are a member, you can access Breather rooms at any time for a small fee. This is like car sharing for rooms. Just like you need short term car usage, lots of people also need short term space. Our unique spaces provide you with the privacy and quiet you need to make a phone call, have a meeting, or get away. Breather rooms are designed to give you the perfect time-out experience; whether you need fast Wi-Fi, a desk, or a comfortable couch to kick back and read.
For more information about Breather, visit: http://www.breather.com