China: Gaw Capital completes Series B investment in coworking space network naked Hub

Visual from company website

Gaw Capital Partners (GCP) through one of its managed funds has completed its investment in naked Hub, the Shanghai-based network of coworking spaces. Citing a source, Forbes reports this to be $15 million.

The size of the investment was not disclosed. The new expansion of capital will be used to finance the opening of new naked Hub workspaces inside and outside of China, adding 24-30 new naked Hub locations, approximately 150,000 square meters and 30,000 members, across China, Hong Kong, Singapore and other key cities in southeast Asia.

Humbert Pang, managing principal head for GCP in China, said the company was glad to be part of the growing trend in the coworking office market especially with an operator with a proven commitment and track record in China.

“The lifestyle and hospitality approach of naked Group is very similar to Gaw Capital’s DNA ― passion, responsibility and creativity. The potential synergies between the two groups will further enhance both of our positions as market leaders in the region,” Pang said.

Coworking is projected to grow 68 per cent annually from 2016 and 2018, GCP reported. The industry is reported to be entering a new growth phase, with more than 7000 co-working operators competing worldwide.

“Beginning with its home base in Shanghai, naked Hub strives to become a top player in coworking across China and Asia,” GCP said in its statement.

The private equity firm has invested and manages a number of creative offices in the US, including 1161 Mission Street, EM Square and Hamm’s Building in San Francisco, The Yeon Building, and The Mason-Ehrman Building in Portland.

Acting as a bridge between east and west, GPC has brought to bear its experience in transforming workspaces in the US to China, where it is reimagining creative office loft spaces during the renaissance of its famed mixed-use property, Pacific Century Place in Beijing.

GPC noted it is joining hands with naked Hub to further explore the emerging market of coworking.

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.