- General
- July 10, 2018
- 4 minutes read
NY based co-location and meeting startup Convene raises $152 million Series D funding
image credit : Convene New York founded and still based meeting and workplace experience provider Convene and notable WeWork competitor…
image credit : Convene
New York founded and still based meeting and workplace experience provider Convene and notable WeWork competitor has now closed a $152 million Series D funding round in a bid to expand its workplace redefining experience and launch new services to stand its ground in the rapidly growing co-location and meeting space.
Convene which was founded in 2009 currently counts over 20 locations to its name across the cities of LA, Philadelphia, Boston, Chicago and Washington D.C. which indicates a very good ground as the company has now raised a total of $260 million in funding and has even made an acquisition of Boston based commercial real estate analytics startup Beco.
This funding round is said to value the company at over $500 million which makes it a very noteworthy addition to the rapidly growing New York real estate startup scene.
This $152 million round was led by ArrowMark partners which also led the company’s most previous funding round of $68 million.
Also investing in this round includes notable investor Steve Case’s Revolution Growth, Private equity major player and Billionaire David Rubenstein’s family office Declaration Capital, QuadReal Property Group, RXR Realty amongst other investors.
Revolution Growth managing partner Steve Murray issued a statement concerning this investment saying “Convene is well-positioned for long-term success due to their proven focus on enterprise customers and their deep, mutually beneficial partnerships with landlords,” He continued “With this round of funding, Convene can achieve the national scale and brand awareness to be a distinguished winner in this growing space.”
The city of New York has long known to be a major real estate market with no surprise given that many major real estate startups are based in the city which includes co-working behemoth WeWork which has raised a total of over $7 Billion in equity funding with a major part of the funding coming from Softbank’s $100 Billion Vision Fund along with real estate startup Compass which notably got a $450 million investment from still Softbank at a $2.2 Billion valuation after having raised just over $250 million previously from several investors.
Another commercial real estate startup which recently just completed a funding round is Hong Kong based Collaborative Space startup Campfire which just recently closed an $18 million Series A funding.
