Techspace lands £5m to increase office space for scale-up companies

Flexible co-work space provider has secured investment from real estate tycoon Leo Noé as it looks to expand its reach in London and Berlin

Techspace, a specialist in flexible co-working space for fast-growth tech businesses, has closed a £5m Series A round with backing from real instate investor and multi-millionaire Leo Noé and Goldacre Ventures.

Founded by David Galsworthy and Alex Rabarts in 2012, London-based Techspace focuses on supporting scale-up companies alongside larger more established businesses such as Virgin Media and Squawka.

See more: Techspace featured among the UK’s best clubs, hubs and co-work spaces for entrepreneurs

It is home to over 75 businesses across five locations in London in and around the Old Street area – with space for 1,000 members – and intends to use this latest investment to drive growth in the capital and to expand to Berlin “given the city’s established reputation”.

The start-up is competing with the likes of Techhub, Regus, and WeWork.

On the investment, Galsworthy commented: “Co-working has already grown exponentially over the past few years. There’s been a huge, global shift towards flexible, collaborative workspaces, particularly in technology. This investment will enable us to continue supporting tech companies in their growth beyond being start-ups.”

David Bloom, CEO at Goldacre Ventures, added:

“I’m excited by the possibilities Techspace offers for both the property market and London’s burgeoning technology scene. After witnessing the culture Techspace has fostered for scale-up businesses in London in such a short space of time, I think it’s important this expands internationally to drive further technology innovation.”

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