Kuala Lumpur-based co-working space WORQ announced today it has raised RM 3.5 million (US$787,000) from multiple investors, including government-backed Cradle Fund; SMG, an investment holding company co-founded by Anurag Srivastava, a founding partner of Jungle Ventures; 500 Startups through its Southeast Asia-focussed fund 500 Durians; and other private investors.
Its first outlet will be located in Gio Damansara, close to the TTDI MRT station. It will be able to cater 400 members. Membership options include hot desks, dedicated desk and private lockable rooms.
It will be equipped with amenities including a one hundred person event space, meeting rooms, games room, sleep pods, shower room, massage chairs, gym equipment, covered car park spaces and other services.
The rates start from RM 10 (US$2.25) per day. Interested parties can enjoy this rate for up to year from the launch date – which will fall on 1 March 2017.
“Malaysia is a great place to build this community due to the amount of entrepreneurship spirit inherent in our culture,” said co-founder Stephanie Ping, in an official press release.
“My father inherited an indebted family business at the age of 23. With the support of his mentors and friends, he revived it and repaid all of its creditors. If it were not for the support of his business community, he would not have been able to create a decent living for himself and his family. I saw similarities at Stanford’s entrepreneurship community when I went to college there years later amidst an American backdrop. I believe the same Silicon Valley ecosystem is very possible for the people of Malaysia and South East Asia,” she added.
WORQ is currently on the lookout for strategic partners such as accelerators for potential collaborations.
Image Credit: WORQ