Shared workspace company Pipeline Workspaces sold a minority stake, bringing the company’s valuation to $15 million.
A member of Pipeline Brickell bought the stake, according to a company press release. Pipeline Brickell is the brand’s first location. The company also has offices in Philadelphia and a Coral Gables site is under construction. Pipeline is also looking into Atlanta, Charlotte, Denver and Dallas for new locations.
Through a national expansion, Pipeline is predicting that it will be valued at more than $100 million within the next two years, according to the release.
Gordon G. Pratt, founder and CEO of Fund Management Group, a private holding and investment company, is a member of Pipeline Brickell and became a limited partner in Pipeline’s Philadelphia offices. Pratt followed up with the minority investment in the Pipeline Workspaces general partner.
“Gordon tested our business platform first-hand as a member and experienced how the concept we offer and our management team is different from other co-working spaces in the U.S. today,” Todd Oretsky, co-founder of Pipeline Workspaces, said in a statement “Many people have approached us to invest and we chose an experienced professional investor who has beta tested our concept over the last two years. We don’t just preach that diversity in the community leads to a higher likelihood of success, we are a direct beneficiary of it.”
The company targets entrepreneurs, tech startups and small teams from large corporations. Co-working spaces are becoming increasingly popular, with Buro Miami in Midtown and Miami Beach, MADE at the Citadel in Little Haiti, and Shared Office Miami in downtown Miami.