Hong Kong-based co-working space operator Campfire announced that it has secured an $18-million Series A round led by real estate conglomerate Kwai Hung Group, Sa Sa International Holdings Ltd, and Rykadan Capital Ltd’s subsidiary – Fast Global Holdings Ltd, it said in a statement.
The round was also joined by Ring Capital Ltd and Potent Assets Ltd. Campfire said it plans to further expand its business to other global cities including Tokyo, Osaka, Bangkok, and Brisbane.
In the short term, Campfire is also planning to set up a space in central London this August, as well as new locations in Melbourne, Sydney and Singapore.
“In such a competitive industry, we saw a huge need for innovation and differentiation, not only in Hong Kong but worldwide. While we have seen a lot of new entrants into the market over the past two years, having a solid and strong business model, working with the right partners and ensuring we maintain a unique offering for our members has been instrumental to delivering results for our investors,” said Campfire co-founder and CEO, Wang Tse.
Campfire was launched in 2016 with industry-focused co-working space. It sets itself apart by expanding its reach across co-living, co-learning and co-retail. It has grown from occupying an 8,000 sq ft space in Kennedy Town, Hong Kong to over 560,000 sq ft across four countries and 20 locations.
Co-founded by three entrepreneurs – Albert Fung, Wang Tse and Brian Fung – Campfire last raised a $6 million seed round from various angel investors in the real estate industry in March 2017.
Recent fundraising announcements from other co-working space operators in the region include Malaysia’s Catcha-backed Common Ground who raised a $20 million Series A round, and India-based IndiQube’s $15 million Series A round.