Coworking

The firm reported that three of its units saw a dip in valuation compared to their book value as Covid lockdowns kept people at home and demand remained shallow.

Andre Fernandez previously served as CFO at technology firm NCR Corp. and will officially join WeWork on June 10.

This most recent round brings Upflex’s total funding to $34.1 million and will be put towards expanding its services to more flexible office operators.

The new coworking space will take up 21,500 square feet and is expected to open this December.

The post-pandemic era is driving the need for flexibility and highly-amenitized workspaces, thus allowing operators to quickly reach pre-pandemic levels.

The new partnership seeks to enhance wellness and mental health support for members in a professional setting by matching them to a licensed therapist.

The investment will be used towards expanding its network of operators in the US, as well as fleshing out new products.

Gone are the days of these spaces being dedicated to only bright-eyed and bushy-tailed startups. Now, corporations are climbing aboard the flexibility express. 

CBRE is betting on a future of flex with a fresh $100 million investment into flexible workspace operator Industrious following its $230 million investment from last year.

IWG will open a 38,000 square foot Spaces location, taking up the ninth through 12th floors and penthouse as it prepares for companies embracing hybrid work policies.