Industrious has announced that is has closed an $80 million Series D funding round focused on landlord partnerships. Now, the company expects to be profitable in Q1 2020.
The company manages and operates flexible workspaces, then provides landlords an income of 30% above market lease.
“Industrious is unquestionably the operating partner-of-choice for landlords, and from our end, partnering with landlords enables us to deliver the world’s most productive workplaces,” said Jamie Hodari, CEO and co-founder of Industrious. “We evolved to a partnership-only approach about a year and a half ago and this latest round of funding capitalizes on that, allowing us to aggressively pursue our expansion goals sustainably, efficiently, and with little risk.”
Management contracts represent over 80% of the deals the company has signed in 2019, and Industrious predicts that managed units will take up the majority of its portfolio by Q1 2020.
Investors in the funding round included Riverwood Capital Partners, Brookfield Properties Retail, Equinox, Wells Fargo Strategic Capital and more.