FlySpaces, based in Manila, has secured $2.1 million in a Series A round of financing. The round was led by investor Raymond Rufino, co-chairman of commercial property manager Net Group, with "a private equity firm led by millennials." Other developers of local properties also participated. FlySpaces claims that this is the largest investment in Serie A ever made by groups based in the Philippines.
The company will use the money to finance expansion activities in the region, with a particular focus on Indonesia. They also intend to further develop their technology.
According to information from several Asian media focused on technology, FlySpaces acts as a market for sites working together, defining, from the company itself, as an "Airbnb for office and retail spaces." To play the role of intermediary, is You need a cut of the reservation fees to ensure a shared workspace for the owners. While it is not the only company offering this type of service - with Liquidspace, Breather and the Storefront retail company from North America - FlySpaces claims that it is the first to do so in Southeast Asia.
The platform has expanded in large cities throughout Asia and aims to continue in that line
Launched in Manila in October 2015, FlySpaces first expanded to Cebu and, since then, has consolidated its presence abroad. It has coverage in places such as Hong Kong, Kuala Lumpur, Macao, Singapore and, more recently, in Jakarta (capital of Indonesia). In November of last year, it acquired 8paces, a Malaysian competitor, in a cash and equity agreement.
Funding prior to the FlySpaces Series A follows the $500,000 Seed round closed in January 2016.