Investment will support product development and expansion of the team
FOR IMMEDIATE RELEASE
Raleigh, NC. May 26, 2021- Leading coworking software platform Coworks announced it has closed a successful funding round led by VentureSouth, with strategic participation by Madison River Ventures and Fulcrum Financial Partners. This financing raise comes as Coworks scales to meet increased demand in the rapidly growing workspace-as-a-service sector.
“At VentureSouth, we invest in talented entrepreneurs working in industries with exciting prospects. After meeting DeShawn Brown and the Coworks team, and learning about how commercial office and coworking spaces are changing and growing, our members felt confidence in the leadership and growth potential,” said Paul Clark of VentureSouth. VentureSouth has invested in over 75 startups in the southeast.
Madison River Ventures was most recently an investor in InMotionNow, and Partner Phil Vanderwoude has taken on the role of COO with Coworks.
“The modern working environment is in flux,” explained Coworks cofounder and CEO DeShawn Brown. “The last year of remote work has marked a shift in perspectives, needs, and cost structures for enterprises and their employees, not to mention small businesses and entrepreneurs in the gig economy.”
“The Coworks team has developed a proven solution, and the market is more than ready,” said Vanderwoude. “Owners, operators and managers of coworking spaces are tired of duct-taping together technology. This really is an all-in-one solution.”
“We are delighted to be part of Coworks during this crucial time in the company’s growth journey. We are confident that DeShawn will capitalize on this expanding market of shared office space,” said Matthew Nelson of Fulcrum Financial Partners.
In a recent survey of over 1,000 work from home professionals published by staffing firm Robert Half, more than 1 in 3 said they would look for a new job if they had to again work in the office full time.
“Employers have an opportunity to reshape their relationship to real estate, and real estate developers have an opportunity to tap into a new way of monetizing their space,” Brown continued. “Coworks is here to help facilitate change that delivers efficiencies, savings, and an overall better experience for everyone involved.”
Coworks continues to elevate the experience of coworking, supporting and empowering operators of this growing industry. The company is looking to add talent in key positions to grow capabilities.