Essensys, the cloud software used by multiple flexible office firms, has raised £14 million for shareholders through a listing on the Alternative Investment Market of the London Stock Exchange.
The listing for 38.5% of the business at £1.51 a share gives the company a £72.6 million valuation. Since going public, CEO Mark Furness has made £9.9 million and taken his stake from 71% to 43%.
The company said it will continue to tap into the growing flexible workspace industry with the funds it received from the sale. In its prospectus to investors, the company emphasized the coworking industry’s growth, which is expected to expand to 30,432 centres by 2022.
“Today is a landmark day for Essensys, marking the start of the latest and most exciting phase of our journey to date,” said Furness. “The positive reception we have received from investors has been hugely encouraging, and serves as an endorsement of the strength of the business we have built as well as the significant long-term opportunities that lie ahead of us as a UK-listed company with global ambition.”