Temasek, Ascendas-Singbridge back workspace provider Breather’s $45m round

Photo by Benjamin Child on Unsplash

On-demand workspace provider Breather has announced the closing of a $45-million funding round led by Menlo Ventures and joined by Singapore’s Temasek and Ascendas-Singbridge.

According to an official release, the round was joined by Canada’s la Caisse de dépôt et placement du Québec (CDPQ).

To date, Breather has raised nearly $120 million. It offers over 500 workspaces across 10 cities including New York, San Francisco, Los Angeles, and London.

“Breather enables businesses to access the space they need when they need it, with the freedom to scale usage up or down when they want to. Working with our new equity partners increases our capacity to bring that freedom to even more businesses worldwide,” said Breather founder and CEO Julien Smith.

With two of its investors headquartered in Asia, the region could well be the next destination for the startup.

“Businesses in Asia and worldwide increasingly seek out real estate options with more flexibility than traditional leases and other long-term commitments. We see how Breather’s innovative approach to ‘space-as-a-service’ is solving a real need in the market that other models like coworking have not and we look forward to supporting Breather in bringing that future to reality,” said Ascendas-Singbridge CEO Yi Ta Chng.

Ascendas-Singbridge Group is an Asian urban development and business space solutions provider jointly owned by Temasek Holdings and JTC Corporation through a 51:49 partnership. The group undertakes urbanisation projects spanning townships, mixed-use developments and business/industrial park and currently boasts projects in 28 cities across nine countries in Asia, including Australia, China, India, Indonesia, Singapore and South Korea.

For Temasek, the deal comes only a day after it co-led a $17.5-million Series A round in London-based artificial intelligence (AI) startup Eigen Technologies with Goldman Sachs.

Both Ascendas-Singbridge and Temasek recently jointly committed Rs 2,000 crore (around $300 million) to invest in logistics and industrial real estate in key locations in India.

Breather’s planned expansion to Asia will come at a time when investment firms, as well as property firms, are beginning to see and seize opportunities in the working space industry in the region.

In May, Singapore’s sovereign wealth fund GIC, co-working space provider JustCo, and listed real estate firm Frasers Property teamed up to co-invest up to $177 million in Asia’s rapidly growing co-working space industry. The three entities will develop a co-working space platform across Asia and support JustCo’s continued focus on expanding its technology and enhancing its service offerings.

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Singapore’s Temasek, Goldman co-lead $17.5m funding in AI firm Eigen Tech

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