Hong Kong-based asset management firm Raffles Family Office (RFO) on Wednesday announced that it is investing $15 million (S$20.4 million) in co-working space provider WorkTech.
Hong Kong-headquartered WorkTech, which is currently valued at $100 million, will use the funding to accelerate its expansion in Southeast Asian markets, including Vietnam, Cambodia, Thailand and the Philippines.
“This investment will help to bring our vision to reality, the building of an ecosystem of partners within the wealth and asset management industry. Additionally, it will allow us to bolster our service offerings to the family offices we currently serve across the region,” RFO founder and CEO Kwan Chi Man said in a statement.
As one of the largest co-working space operators in Hong Kong, WorkTech operates a total gross floor area (GFA) of over 400,000 square feet locally and over 500,000 square feet globally.
“WorkTech focuses on building ecosystems for different industries to create greater synergies for all participants and we share the same vision with Raffles Family Office of nurturing start-ups and innovators,” said WorkTech founder and chairman Michael Wong. “We are now developing ecosystems for subsector in finance such as Fintech and Raffles Family Office’s strong influence and connections in that sector will be of great importance.”
The firm forayed into Taiwan in August last year to offer its services in Taipei to startups that are seeking low-cost and flexible office solutions. It also has a presence in Singapore.
Headquartered in Hong Kong, RFO provides family offices, asset protection, wealth management solutions, and service to ultra-high net worth individuals and families across generations.
The firm also partners with private banks, insurance companies, international brokers and independent fund and securities houses, offering family offices for advisory, taxation planning, independent asset management (IAM), insurance brokerage, overseas property investment, and corporate services.