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Workplace-as-a-service operator CommonGrounds secures $100M funding

Workplace-as-a-service operator CommonGrounds Workspace secured $100 million in series A funding to accelerate its expansion in the U.S.

The company, which collaborates with asset owners to offer customized workplace-as-a-service solutions to clients, secured financial commitments from real estate investment firm Pacifica Enterprises Inc.; educational and entertainment software developer The Davidson Group; and Mohamed Alabbar, founder and chairman of property developer Emaar Properties PJSC.

In the next 24 months, CommonGrounds aims to expand its footprint into 2 million square feet across approximately 50 locations, including nine under-construction sites that are scheduled to open in 2019. Another 35 locations are in development in primary and secondary U.S. markets, with openings slated for late 2019 and 2020.

CommonGrounds noted that it has locations open in San Diego, Denver, the Los Angeles area and San Jose, Calif., adding that to-date its leases and management agreements under contract total approximately 260,000 square feet.