COMMERCIAL PROPERTY | Staff Reporter, Singapore

Spacemob closes a record US$5.5m funding

It's the biggest seed funding in Southeast Asia.

When Spacemob CEO Turochas "T" Fuad saw that the co-working space industry is becoming highly cluttered, he thought that the chaos is actually a business opportunity. He founded Spacemob in October 2016 and decided to make a difference by giving out access to training courses and other benefits like healthcare, payroll-processing and corporate travel discounts.

"We are a co-working space with a difference. We go beyond providing a desk, in-house amenities and networking opportunities, to giving our members the tools they need to take their business to the next level," Fuad said.

One of their members is Machineast, a creative studio working on 3D illustration, typography and design. "We can offer our members a discounted rate on courses in design, marketing, technology and data. So in a sense, as our members grow, the space grows with them. They can progress from flex desk, to fixed desk to a private office. We have an in-house cafe serving fresh healthy food everyday, and many break out corners. There is a buzz about the place that we think is unique," he added.

The business, started in October 2016, just closed a record US$5.5m seed funding round led by Vertex Ventures Southeast Asia, and is the largest seed funding round figure ever recorded in Southeast Asia.

Fuad shared that the company is currently about to open two Spacemob sites in Singapore and Jakarta come 1Q17. "The plan is to have 30 Spacemob sites across Asia Pacific within the next 36 months. And soon to launch is a members’ directory that provides an in-depth profile of each member and the services they offer and seek - this will be key to fostering collaboration and innovation. Finally, the team are in the process of developing RFID-tracking technology to maximise space efficiency," he ended.

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