DEALS | Investors bet big on office apps
OfficeSpace, a workplace management platform, has received a $150m strategic investment from Vista Equity Partners as hybrid working prompts a rush for problem-solving software.
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The cloud-based platform has positioned itself as a tool for powering the future of hybrid work. OfficeSpace users can manage desk and room booking, maintain social distancing and configure office layouts for whatever their teams need.
With office requirements becoming either more complex or flexible, demand has grown for workspace management software.
OfficeSpace said it has experienced “tremendous growth” recently while expanding its range of features.
One addition from last year, Neighborhoods, is a feature employers can use to split offices into separate zones and manage them by assigning different types of seating to each. The software can automatically assign new team members to appropriate spaces.
The investment in OfficeSpace was led by Vista’s Endeavor Fund, which provides growth capital and strategic support to software, data and tech-enabled companies that have achieved at least $10m in recurring revenue.
“This is a milestone moment for OfficeSpace as we help our clients navigate the future of work,” said David Cocchiara, CEO of OfficeSpace. “We pride ourselves on going above and beyond to support our customers, and this investment allows us to carry on and evolve the service excellence our clients are accustomed to.”
Office equipment as a service
Meanwhile, German startup Lendis raised €80m off the back of its goal to make managing office equipment easier for companies with remote or hybrid working arrangements.
The startup allows employers to digitally order, set up and manage all their work equipment – including laptops, phones and even office furniture – through its software.
In its announcement of the fundraise, Lendis said: “[T]he shift to hybrid forms of work poses major organisational challenges for companies, especially when it comes to onboarding, managing and offboarding employees and their equipment at different locations.”
Lendis raised €80m in Series A funding, comprising €30m in equity and €50m in debt. Circularity Capital and Keen Venture Partners led the round, with participation from Coparion, KPN Ventures and HGDF.
These investments add to an ever-growing list of office startups that have drawn in significant amounts of capital in recent months.
Among the biggest proptech deals last year were HqO’s acquisition of Office App, creating a $500m global tenant experience business, and VTS purchasing Lane Technologies for $200m.
Other notable deals included flexible office provider Mindspace raising $72m, while AIM-listed flexible office software provider essensys raised about £30m in July.