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

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.