Co-working startup JustCo raises $12m from Thai property developer

Photo: JustCo website

Singaporean co-working space operator JustCo’s valuation has reached just under $200 million after it secured $12 million in a Series B round from Thailand’s listed property developer Sansiri Plc to fuel its expansion in Southeast Asia.

According to a filing, the Thai developer completed the transaction in September via its Singaporean subsidiary Sansiri Global Investment Pte Ltd, which currently holds 6.09 per cent of the startup’s paid-up capital.

JustCo currently operates four locations in Singapore with a total space of 180,000 square feet. Following the funding, it will accelerate its expansion into Bangkok, Ho Chi Minh city, Jakarta, Kuala Lumpur and Manila, with a target to have a total of 30 co-working spaces covering one million square feet by next year.

This is not the first time that the Thai developer has invested in the co-working space business. It earlier teamed up with Thai co-working space operator Hubba to open Southeast Asia’s largest co-working space, called HUBBA-TO, in its community mall project in Bangkok.

In July, JustCo joined forces with Shanghai-based co-working space firm Naked Hub, forming the largest chain of premium co-working spaces across Asia to compete with American co-working space giant WeWork.

Also read:

naked Hub merges with Singapore’s JustCo to take on industry leader WeWork

Co-working space operators in Asia chase alliances, funding as WeWork expands

WeWork said to be in talks to expand in Hong Kong bar zone