Industrious adds first female board member and eyes IPO

The flexible-office startup, which slashed 20% of workforce last month, could go public by next spring

National /
May.May 28, 2020 01:08 PM
Industrious' Mary Hogan Preusse and CEO Jamie Hodari (Twitter)

Industrious’ Mary Hogan Preusse and CEO Jamie Hodari (Twitter)

Flexible-office startup Industrious is moving closer to an initial public offering despite the perils of the coronavirus, which led the company to slash 20 percent of its workforce in early April.

The Brooklyn-based firm has added real estate veteran Mary Hogan Preusse to its board of directors and has been interviewing investment banks ahead of a potential spring or summer IPO, according to Bloomberg. CEO and co-founder Jamie Hodari said the date could change, the outlet reported.

Preusse, who is Industrious’ first female board member, is on the board of and independent director for a handful of large real estate investment entities that include Digital Realty Trust, Kimco Realty and Vereit. She was previously managing director and co-head of Americas Real Estate at APG Asset Management, at Dutch pension fund.

Discussing Preusse’s appointment, Hodari said “investors represent one point of view, but the unfortunate consequence is that you end up with a lack of gender diversity and potentially miss out on a thoughtful, independent voice.”

Despite the pandemic’s impact on business, Hodari said he expects revenue to grow as much as 25 percent this year. Industrious cut 90 employees last month — 18 percent of its workforce — and furloughed another 64 employees. The company is in the process of bringing those furloughed workers back.

Hodari said he believes Industrious’ focus on private offices over open co-working spaces — from rivals like WeWork — puts it in a better position moving forward. He added the coronavirus has shifted demand to those private offices.

The company raised $80 million in a Series C funding round last year from investors that included Brookfield Properties, Fifth Wall Ventures and Riverwood Capital. [Bloomberg] — Dennis Lynch


Related Articles

arrow_forward_ios
One Park Avenue and Vornado CEO Steven Roth (VNO)
Vornado to buy rest of One Park Avenue
Vornado to buy rest of One Park Avenue
Eliot Brown and Maureen Farrell with Adam Neumann (iStock, Illustration by Kevin Rebong for The Real Deal)
“Too much money and no guardrails:” WeWork book authors dish on collapse
“Too much money and no guardrails:” WeWork book authors dish on collapse
WeWork CEO Sandeep Mathrani (WeWork, iStock)
WeWork reports membership growth, best sales since 2019
WeWork reports membership growth, best sales since 2019
John Kilroy and the Indeed Tower (Getty, Page Southerland Page)
Kilroy Realty buying Indeed Tower in Austin for $580M
Kilroy Realty buying Indeed Tower in Austin for $580M
Soho CEO Zhang Xin and Blackstone CEO Stephen Schwarzman (Wikimedia, Getty)
Blackstone bids to buy office developer Soho China for $3B
Blackstone bids to buy office developer Soho China for $3B
Breather CEO Bryan Murphy and Industrious CEO Jamie Hodari
Industrious buys Breather’s listings platform
Industrious buys Breather’s listings platform
Adding 1,500 units would be a significant boost to the housing stock of the district, which has only about 8,000 residents. (iStock)
Plan would convert London offices into 1,500 apartments
Plan would convert London offices into 1,500 apartments
Amol Sarva and Cantor Fitzgerald CEO Howard Lutnick (Sarva via Sasha Maslov, Lutnick via Getty)
Amol Sarva regrets getting into bed with “consummate Wall Street type” Howard Lutnick
Amol Sarva regrets getting into bed with “consummate Wall Street type” Howard Lutnick
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...