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

TRD MIAMI /
May.May 28, 2020 03:00 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
WeDone: South Beach landlord seeks to evict WeWork for unpaid rent

WeDone: South Beach landlord seeks to evict WeWork for unpaid rent

WeDone: South Beach landlord seeks to evict WeWork for unpaid rent
(Credit: iStock)

Here’s how South Florida’s office market is changing in the coronavirus era

Here’s how South Florida’s office market is changing in the coronavirus era
Sandeep Mathrani and the Four Seasons Residences at The Surf Club (Credit: Four Seasons)

WeWork CEO buys condo at Four Seasons in Surfside

WeWork CEO buys condo at Four Seasons in Surfside
Mauricio Zapata, Lyle Chariff, and Luis Guevara, with a rendering of NeueHouse Miami

Co-working operator NeueHouse expands to Miami

Co-working operator NeueHouse expands to Miami
Laura Hines-Pierce and Jeff Hines

Hines CEO talks coronavirus, Opportunity Zones and WeWork

Hines CEO talks coronavirus, Opportunity Zones and WeWork
A photo illustration of Pat O’Meara, the historic Security Building at 117 Northeast First Avenue with former WeWork CEO Adam Neumann (Credit: Google Maps, Getty Images, iStock)

Inside the failed crypto auction of a WeWork-leased office tower

Inside the failed crypto auction of a WeWork-leased office tower
Daily Digest Miami

South Florida home sales struggle in October, Cipriani and Terra plan luxury condo

South Florida home sales struggle in October, Cipriani and Terra plan luxury condo
Daily Digest Miami

Ten-X Commercial laid off half of its workforce, Miami professor who taught class on money laundering allegedly laundered millions

Ten-X Commercial laid off half of its workforce, Miami professor who taught class on money laundering allegedly laundered millions
arrow_forward_ios

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

Loading...