Co-founder Of Second Home Is Leaving Company
Sam Aldenton, co-founder of coworking company Second Home, is stepping down from the company as it finalizes a £9 million capital injection from current shareholders.
Sources revealed that this latest investment would be a ‘down-round’ for the company, meaning the firm’s valuation would drop from the last time it raised third-party funding.
Aldenton was responsible for project-managing the company’s newest Hollywood location, where the budget reportedly swelled and led the startup to seek new funding. The funding was contingent on changes to the company’s management and governance.
“We weren’t in charge of building the building,” said co-founder Rohan Silva. “Of course, some of those [extra] costs get passed to us – that’s pretty standard for a tenant. But the reason investors are happy to put money in is the occupancy and revenues [from the LA offices] are so far ahead of forecasts.”
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