Campfire Collaborative Spaces has secured $6 million in a seed round from various angel investors in the real estate industry, it announced Wednesday.
It has been operating co-working spaces in two centres in Hong Kong over the past year..
After raising this round, its immediate plans are to complete its projects and keep an eye on regional expansion in the Asia Pacific, the company said.
Its first space in Kennedy Town targets tech startups while the second one is geared towards high fashion in Wong Chuk. It cited in the announcement today that it plans to open three more co-working sites by July.
Due to its aggressive expansion, it also expects to be the largest combined co-working floor space in Hong Kong by the end of this year.
“Campfire was conceptualized as a place where like-minded entrepreneurs can gather to share their experiences and work together, “ says Albert Fung, Co-Founder, and Director of Campfire.
“Being industry-focused, our centres stand out in allowing for more relevant networking opportunities, events, and collaborations.”
Campfire pointed out that demand for co-working spaces in Hong Kong is high while there is a high barrier entry with fierce competition. It claimed there are almost 120 co-working spaces in operation to date.
“Our goal is to help business people to achieve their passions through hard work and perseverance. We understand that finding office spaces in Hong Kong can be tough and a time-consuming process,” says Wang Tse, co-founder and director of Campfire.
Campfire was co-founded by three entrepreneurs – Albert Fung, Wang Tse and Brian Fung. The company is also considering raising more money to launch more differentiated industry-focussed centres to help more businesses in Hong Kong and Asia scale rapidly.