Malaysia: Co-working space WORQ closes $786k in funding

Photo from WORQ Facebook page.

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.”

Also Read:

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Malaysia: Cradle partners six more, will put $3.26m together in tech startups

Malaysia: KK Fund, Cradle lead seed round for Freshcart’s new office supplies portal

Exclusive: 500 Startups-backed e-commerce startup Leflair bags $1m funding

500 startups closes $15.4m Thai fund; second vehicle to be launched soon

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.

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.