With the support of 14 follow-on investors, WORQ, a Malaysian coworking and flexible space provider, has completed its most recent fundraising round.
The global asset management company Phillip Capital, according to a statement released by WORQ on Tuesday, is leading this round with its largest placement to date and its third consecutive investment in WORQ.
The accomplishment, according to the statement, highlights WORQ’s exceptional track record of profitability and its enviable market position.
Although this internal pre-Series B round primarily benefits its current investors, the company stated that plans are in motion for an upcoming Series B round with outside investors.
The money raised, according to the statement, will be used entirely for space expansion.
According to WORQ, it is on track to double the amount of space it manages by the end of 2023 and to triple it to 450,000 square feet by 2025.
With the largest office network in Malaysia, WORQ sees an opportunity to become the best space-as-a-service provider.
By giving office users scalability similar to that of Amazon Web Services in cloud computing, the company hopes to become the “Amazon of office spaces”.
The company also intends to increase the area it manages by another sizable 3,000,000 sqft by 2030.
WORQ has currently supported 300 startups and 100 tech firms, with plans to support over 10,000 workers by 2025.
“Southeast Asia has become a prime location for many businesses looking to diversify and build their global supply chain，
“The Malaysian market is strategically positioned to capture these opportunities as we are a diverse, multilingual country with an educated talent pool and a robust SME supply chain,” said Stephanie Ping, Chief Executive Officer and Co-Founder of WORQ.
She claimed that because Malaysia’s economy is expanding, they must make it simpler for businesses to hire employees.
Infrastructural challenges can be a major barrier for companies looking to expand into new markets, but WORQ’s novel Space-As-A-Service model offers clients scalability and flexibility through its network of cloud offices, according to the speaker.
She claims that the company has established a system of one-stop business hubs that act as crucial infrastructure for both domestic and international company formation in Malaysia.
“We see this as a foundational part of the cycle of job creation, upskilling and knowledge transfer,
“This vibrant business ecosystem will create high-income jobs to secure Malaysia’s long-term sustainable development,” she added.
