Singapore-based coworking space chain JustCo has raised a Series B funding round by Thai property developer group Sansiri, which put the company’s valuation to “just under” US$200 million.
Dealstreet Asia reported that JustCo raised US$12 million from the developer giant. It also reported that the transaction was completed in September through the group’s Singapore-based subsidiary Sansiri Global Investment, and that the firm is now in control of 6.09 per cent of paid-up capital in JustCo.
Currently operating four locations in Singapore, JustCo will use the new funding to expand to other Southeast Asian cities such as Bangkok, Ho Chi Minh City, Jakarta, Kuala Lumpur, and Manila. It aims to have a total of 30 coworking spaces across the region by next year.
A “brainchild” of JustGroup, in July JustCo announced a merger with Chinese coworking space chain naked Hub. JustCo Founder and CEO Kong Wan Sing told Channel News Asia that the merger was part of an effort to compete with WeWork (which recently acquired Singapore-based SpaceMob) and UrWork (which has also expanded to the country).
Sansiri has previously set up a joint venture with Thai coworking space chain Hubba to build an “artisan co-creation community” called HUBBA -TO.
It has also join forces with Siam Commercial Bank (SCB) to launch corporate venture capital fund Siri Venture, which focusses on investment and R&D in the property tech sector.
Both local and foreign investors in Thailand have been looking into the property tech space lately, with the most recent investment being an undisclosed funding round to real estate marketplace Hipflat by Japanese online auction price analytics and search platform Aucfan.
Fellow Thai property development Ananda Development in January had also launched venture capital fund Ananda Urban Tech.