Philippines: Net Group leads $2.1m series A round in Flyspaces

Visual from Flyspaces portal.

Workplace developer The Net Group Corp has led a $2.1-million series A round in Flyspaces, a Philippine-based startup that provides work and meeting space solutions.

An undisclosed local private equity firm and top property developers also joined the round. Net Group co-president Ramon Rufino represented the Manila-based company which focuses on the design, technology and services of workplaces.

Launched in October 2015, Flyspaces serves as a digital marketplace that provides short-term work and meeting space solutions to entrepreneurs, start-ups, SMEs and mobile professionals.

The company also has presence in Singapore, Malaysia, Hong Kong and Macau, and Indonesia.

FlySpaces intends to use the investment to grow and expand its markets in the region while advancing technology features of its digital marketing platform that connects space providers to a vast user base in exchange of booking fees.

The company’s portal offers co-working and hot desk spaces, conference and meeting rooms, training and workshops, function rooms, interview rooms, short-term and shared office space, galleries, events places, including retail pop ups.

In an interaction with DEALSTREETASIA, FlySpaces CEO Mario Berta, said the company made more than $2 million since January 2016, and that its company value has already reached eight-digit figures.

“This was the biggest challenge I ever had as an entrepreneur,” Berta said. “Nothing would have ever been possible without my Team, they fought and worked so hard.”

Barely three months after its formal launch in Manila, Flyspaces made its debut in Singapore in January 2016, and at the same time raised $500,000 backed by Future Now Ventures and Narra Ventures both from the Philippines, Coent Venture Partner of Singapore, and also German-based real estate broker and service company Rubina Real Estate, among others.

In November 2016, FlySpaces acquired 8spaces, a co-working space platform in Kuala Lumpur, Malaysia, serving also as its launchpad in the city and surrounding region.

Flyspaces also recently made it to the DEALSTREETASIA list of most promising startups to watch out for in the Philippines this year.

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