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Industrious Lands $25M Series B Round

2017-03-28
NEW YORK, NY, Industrious, a workspace provider, raised $25 million in Series B funding.
Industrious, the premium workspace provider, today announces the acquisition of PivotDesk, the Boulder-based office-sharing marketplace connecting growing businesses with office space.

PivotDesk will operate as a subsidiary of Industrious. The company is also announcing a $25M Series B follow-on round led by Riverwood Capital.

Industrious, cofounded by CEO Jamie Hodari and President Justin Stewart, is the country's largest high-end coworking company, offering elegant private offices, flexible terms, and personalized customer service that makes people proud and excited to come to work. Industrious's national network includes 18 locations open or under construction, and its member base of national and global companies includes Spotify, Hyatt, Lyft, and Chipotle.

Industrious has acquired PivotDesk, founded in 2012, a business that enables customers to find the office of their dreams by connecting companies with excess space to companies that need it. Acquiring PivotDesk's network of professionals and team of workspace experts is a natural addition to Industrious's offerings, as companies of all sizes increasingly look to streamline the process of finding, creating, and managing their workspaces.

"Every day, companies care more and more about creating inviting, engaging workplaces for their teams, and we see the future of work moving rapidly towards high-quality, flexible workplace solutions like Industrious," said Industrious CEO and cofounder, Jamie Hodari.

"As we continue to work toward revolutionizing how people find, create, and manage great workplaces, we're thrilled to have the returning support of our investors and the PivotDesk team on our journey."

The follow-on financing will help Industrious continue their expansion to more than 30 locations by the end of 2017, while building out their clientele. Industrious has seen a continual increase in demand for its hospitality-focused, premium coworking spaces, sustaining its 3x year-over-year growth in revenue.

"Industrious is the clear leader in premium private offices and coworking spaces, and we're looking forward to the company's growth across the United States providing high-end workspaces for established small businesses and enterprise customers," said Francisco Alvarez-Demalde, cofounder and General Partner at Riverwood Capital.

"We are excited to see Industrious expand its footprint across the country and into the digital space in the year ahead."

About Industrious: Industrious was cofounded in 2013 by Jamie Hodari and Justin Stewart. The company is the country's leader in high-end coworking, offering elegant private offices, flexible terms, and personalized customer service that makes people proud and excited to come to work. Industrious's national network currently has coworking spaces in Atlanta (Midtown & Ponce City Market), Austin, Chicago, Columbus, Los Angeles, Minneapolis, Nashville, Brooklyn, Philadelphia, Raleigh, St. Louis, and is opening more than 20 additional locations in 2017, including in Manhattan, Pittsburgh, Charlotte, Denver, Dallas, and Indianapolis.

About PivotDesk: PivotDesk is an online marketplace that connects growing companies who need office space with those who have it to spare. With easy online search, seamless in-person touring, and simple legal and billing tools, PivotDesk lets business leaders find and lease the offices of their dreams.
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