WORQ Raises Up-Round of RM10 Million to Expand in RM3 Billion Flexi-Office Market

KUALA LUMPUR, Malaysia, Sept. 24, 2020 /PRNewswire/ -- Malaysia-based coworking space firm WORQ has secured RM10 million in funding from seven follow-on investors, including the regional investment group Phillip Capital, to help capture a fast-growing Flexi-Office market projected to surpass RM3 billion in value in 2030.

WORQ, which has also secured loan offers from six banks will use the funds to grow its space under management 10-fold to one million square feet, helping businesses pivot to a more cost-efficient solution.

A WORQ-able formula for the coworking industry

WORQ has been profitable since inception in March 2017 with three months being the average time it takes to fill up their outlets. In the two years since its last fundraising round, WORQ has grown its footprint by seven-fold and its revenue by 560%.

Third-time follow-on investor and co-founder of the successfully-acquired startup JobsCentral, Huang Shao-Ning says: "WORQ has definitely found the elusive secret sauce for the Space-On-Demand market. Its fast growth model, coupled with a low-risk profile, is one of the healthiest and rewarding models out there."

With its sustainable model, WORQ is able to help turnaround loss-making spaces even in quiet locations. WORQ has made an acquisition of another flexible space into its portfolio for this purpose. WORQ is also looking to inorganically expand its portfolio via acquisitions and partnerships with other coworking space operators and landlords.

Gearing up for faster Space-On-Demand adoption

According to global real estate giant Jones Lang LaSalle, flexible space demand will accelerate due to COVID-19, predicting that 30% of all office space will be consumed flexibly by 2030. WORQ estimates that the flexible office market in Malaysia will grow to RM3 billion by then.

"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. 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," says Ping.

WORQ has won international MNC accounts including some 500-strong teams for multinationals including one of the world's largest advertising firms headquartered in London.

"Fundraising amid the pandemic is a strenuous challenge. MDEC is exceptionally proud of WORQ as one of the seven certified Malaysia Digital Hubs. WORQ has proved its mettle as a formidable startup and community builder through their collaborative programmes. MDEC will continue to render full support towards WORQ's involvement in fortifying Malaysia's startup ecosystem," said Gopi Ganesalingam, VP of MDEC's Global Growth Acceleration Division.

About WORQ

WORQ is a 5-time award-winning coworking space provider that operates in 4 buildings across the Klang Valley/Kuala Lumpur and Selangor. Founded in 2017, the company offers flexible working space options and facilities that cater for the needs of solo entrepreneurs, startups, small-medium enterprises, multi-national corporations and everything in between.

Look out for further updates on our Facebook fan page!

Related Articles

  • 【職場熱話】扮孫悟空被餵食5小時 網民:最理想工作!下個月可以扮OOO!


  • 【職場測驗】Fresh Grad搵工必睇!10條問題測出你最適合入邊行

    俗語有云「女怕嫁錯郎,男怕入錯行」,對於準備投身社會的Fresh Grad來說,現在最重要的是認清楚的求職方向,為未來的事業發展打下良好基礎。如果你正處於搵工迷惘階段,不妨回答以下心理測驗的10條問題,再將分數加起來,看看自己最適合從事哪個行業吧!

  • 【政府工略】民政署時薪$120請助理 負責社區強制檢測


  • 【行業辛酸】12碼保安大呻返工日日被監視 業主計時巡樓、限時去廁所、唔畀㩒電話


  • 【政府工略】律政司請法律書記 中學畢業月薪$21,340

    有關法律的工作,一般人以為必定要有法律背景的求職者,方能合資格申請。不過,律政司招聘的政府工 — 合約法律書記,不需要任何法律背景,只要符合以下入職條件即可報名,月薪$21,340。

  • 【職場熱話】移民澳洲太輕鬆竟然唔適應? 打工仔:係咪做奴工做得太耐?


  • 【職場熱話】人工得8千但返工好開心 員工:每日淨係數鉛筆、冇是非


  • 【政府工略】消防處請辦公室經理 兼職時薪$352


  • 【職場熱話】少年推銷員被保安阿叔叫「阿叔」 大怒:我係阿叔你咪係OO?


  • 【政府工略】海事處公開招聘驗船主任 月薪$74,515點先做到?

    海事處最近公開招聘多個職位,包括驗船主任、助理驗船主任、海事主任及助理海事主任,讓合資格的海事人才投考。首輪招聘的空缺是驗船主任,以政府公務員條款聘用,月薪由總薪級表第34點 ($74,515) 至第44點 ($110,170),只要符合以下的入職條件,即可於2021年5月14日前遞交申請表格。按圖了解各職位詳情︰