Malaysia’s Catcha Group-backed co-working space operator Common Ground on Monday closed a $20-million Series A round, the startup said in an announcement.
The funding will be used to fuel its regional expansion, triple its number of locations in Malaysia and upgrade its technology facilities.
Since its launch in 2017, Common Ground has seven locations in Malaysia with an average occupancy of 80 per cent. It is opening another eight locations by end of this year in Kuala Lumpur, Penang, and Johor.
“With this investment, we aim to continue widening Common Ground’s offerings, as well as bolster our capabilities and plug the gaps in the coworking lifestyle ecosystem. As we secure our Series A investment, we look forward to building our future and realizing our vision of coworking,” said Common Ground co-founder Erman Akinci.
Common Ground will also be expanding to the Philippines with four venues and a few more in Thailand this year. It claimed the regional expansion will have Common Ground becoming the region’s fastest growing co-working space in Southeast Asia.
It will occupy about 500,000 sq ft across 15 venues in Malaysia and the Philippines by end of this year. It also has over 1,000 members. A quick check with Common Ground’s official website shows that markets like Singapore, Indonesia and Vietnam are on its radar as well.
“This infusion of capital will spur our ambitious plans to build a more efficient technology platform and expand our local and regional reach to cater to the current working generation’s demands and deliver the best possible service to our community members.
“This includes top notch wifi offerings, easier access to all our venues, providing a tech-based offering for our partners in real estate, enhance our data based offerings for partners and members and customising our lifestyle offerings such as our cafe tools optimisation and integration,” said Common Ground co-founder Juhn Teo.
Common Ground was founded by Akinci, an ex-Catcha Group executive; Teo, former CEO of GuocoLand’s Tower REIT, Roen Cian Nagapan of The Roof and Rabin Nijhar of Cisco (M) Sdn Bhd. It is also funded by property developer Masteron Group.