WorkTech, Hong Kong’s co-working ecosystem operator, is raising US$15 million from asset management firm Raffles Family Office (RFO) at a US$100 million valuation, according to a company announcement.
The co-working space operator said it would use the fresh funding to bolster and accelerate its expansion plan in Southeast Asia as it continues to become one of the biggest Hong Kong-based co-working space brands.
Founded in 2013, WorkTech now has presence in over 19 locations in Asia. In Hong Kong, its co-working spaces have a total gross floor area of over 400,000 square feet and over 500,000 square feet globally.
The company said it focuses on providing not only working spaces but POC (proof-of-concept) adoptions across all industries, such as fintech, co-living, investments, and other financial services.
With the fresh funding, the company seeks to further expand to Southeast Asian markets, including the Philippines, Thailand, Cambodia, and Vietnam.
WorkTech provides private offices, dedicated desks, and hot desks as co-working solutions. Additionally, the company offers meeting rooms, event space, shooting space, virtual office, and business service, among others.
“WorkTech focuses on building ecosystems for different industries to create greater synergies for all participants, and we share the same vision with Raffles Family Office of nurturing startups and innovators,” said the company’s founder and chairman Michael Wong.
Additionally, Wong said his company is now developing ecosystems for subsectors in finance, such as fintech. The strong influence and connections of Raffles Family Office in that sector will be of great importance, he stressed.
Headquartered in Hong Kong, Raffles Family Office is also incorporated in Singapore and Taipei. It is the holding company of Raffles Assets Management; Raffles Capital Holdings Limited;
Raffles Properties and Raffles Corporate Services.
A report published by Cushman & Wakefield showed that co-working is expanding rapidly in Southeast Asia due to its fast-growing economies and tech-savvy population.