WORQ, a Malaysia-based co-working space announced it has successfully secured RM10 million (an equivalent of US$2.4 million in current exchange rates) funding. The financing was supported by seven of the startups’ existing investors. The statement did not disclose the list of backers though it indicted it includes regional investment group Phillip Capital.
The fresh funds will be invested in expanding its space ten-fold to cover one million square feet. The statement also added that the startup aims to expand its portfolio by acquiring or partnering with other coworking space operators and landlords.
Launched in 2017 in Kuala Lumpur the co-working space now operates at four locations across the klang Valley and offers flexible workspaces and facilities all forms of businesses.
“WORQ’s strategy is to offer tailor-made solutions and extreme flexibility to companies. This is comparable to that of ride-hailing services, which offer on-demand rides one at a time. WORQ sells office usage to companies one desk at a time, eliminating the need to rent and fit out an office,” Co-Founder and CEO of WORQ, Stephanie Ping said in the statement.
“WORQ’s Space-On-Demand solutions allow companies to implement a distributed work style. In this new environment, WORQ can sell one desk multiple times over and increase efficiency of space usage,” Ping added.