WORQ, an upcoming coworking space in Kuala Lumpur, has secured RM3.5 million ($786,782) in funding from multiple investors.
Participants in the investment include Malaysia’s Cradle Fund; SMG, an investment holding company which was co-founded by Anurag Srivastava, a founding partner of Jungle Ventures; 500 Startups through its subsidiary 500 Durians LLC, a global venture capital fund; and other private investors.
Khailee Ng, Managing Partner of 500 Startups, said, “Entrepreneurship is at an all-time high, and young founders are turning to co-working in order to tap on the vast networks available. We’re proud to be a part of this new movement, and aim to support new startups in whatever way we can.”
WORQ aims to be the leading productivity community for businesses of all sizes in Southeast Asia. Its first outlet is strategically located in Glo Damansara, with connectivity to the TTDI MRT station. It will house 400 members made up of businesses, entrepreneurs, organisations, and freelancers.
Commenting on the investment, Group CEO of Cradle Fund, Nazrin Hassan, stated: “Cradle is proud to be a strategic investor into WORQ. We see their potential for helping Malaysia’s entrepreneurs reach new heights. We see a lot of collaboration within our current ecosystem but we believe that this will take it to the next level.”
Membership options include hot desks, dedicated desks and private lockable rooms, with a host of amenities including a one 100-person event space, meeting rooms, games room, sleep pods, shower room, massage chairs, gym equipment, covered car park spaces and other services. This allows WORQ to take care of all the needs of businesses with minimal maintenance hassle and upfront costs.
The company is open to forging strategic partnerships with startup accelerators looking to take up space or otherwise collaborate in various ways. With a productive work space that starts at a price point of RM10 a day, the WORQ says interested customers can lock in these exceptionally low prices for up to a year from the launch date.
Co-founder Stephanie Ping, who formerly headed business development and investor relations at Axis REIT, opines that her family is a direct beneficiary of Malaysia’s entrepreneurial culture, citing her father’s rehabilitation of a family business.
She explains: “If it were not for the support of his business community, he would not have been able to create a decent living for himself and his family. I saw similarities at Stanford’s entrepreneurship community when I went to college there years later amidst an American backdrop. I believe the same Silicon Valley ecosystem is very possible for the people of Malaysia and South East Asia.”