UK PE fund takes a 10% stake in a local New Jersey Coworking Space
by Donald Hood
Published Sun, Apr 7th 2019, 19:19 | Business
1888PressRelease - WorkSocial locks in $30M Equity Valuation. Plans 3 new spaces in New Jersey. Pioneering the trend of truly totally free office space. "We have demonetized and democratized office spaces thanks to the guidance of EXO and Peter Diamandis"
Today, WorkSocial, a minority- and woman-owned coworking space in New Jersey, announced a company valuation of $30 million after locking in investments from a group of European investors. The new funds will be used to expand WorkSocial’s footprint to a national scale.
The first phase of expansion consists of growing WorkSocial’s current Jersey City location by 10,000 square feet over the next 12 months. In addition to providing office space and administrative support, WorkSocial will continue to bring additional value to new and existing clients through new resources, including job fairs, hackathons, corporate education, networking events, and lunch & learn events.
WorkSocial’s client acquisition initiatives involve onshoring international companies from Israel, the United Kingdom, France, and Mexico. These companies represent a diverse array of growth-oriented industries: digital marketing, health care, human resources, and staffing.
With additional funding in place, WorkSocial is well positioned to help new clients reach elevated levels of success. A current client was recently acquired for $800 million in a major landmark deal, while another has scaled from 3 to 30 employees while doubling its footprint at WorkSocial.
As a leading innovator in the coworking space, WorkSocial has a new Jersey City location under development on Grove Street. Set to open in 2020, the space will serve as a much-needed incubator in the region and feature perks like free coworking and office space, entrepreneur mentorship, and funding. With commitment from large venture capital firms and other investors, WorkSocial plans to create a local Shark Tank-like environment by supplying funding to five companies every month at the Grove Street location.
For more information, contact:
Natasha ( @ ) WorkSocial dot Works