San Francisco–based HelloOffice has raised $20 million in Series A funding.
The commercial brokerage, which brands itself as “technology-powered,” will use the funding to invest in its property search and management platform, according to an announcement Thursday. The firm is also looking to expand beyond Los Angeles and San Francisco.
HelloOffice CEO Justin Bedecarre said the pandemic had changed the way people think about work and created new demand.
“Our investors believe that the time is ripe to usher in the hybrid workplace in a scalable way,” Bedecarre said in a statement. “In the current Covid-19 climate, we are focused on creating new product offerings to help companies find their optimal workplace solution and, in many cases, work with companies transitioning to hybrid workplaces.”
It is the latest of several real estate companies to raise money in the downturn. Others include Soho House, Selina and Sonder.
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The funding was led by billionaire Steven Cohen’s Point72 Ventures. Alexis Ohanian and Garry Tan’s firm, Initialized Capital, was among others that participated.
Ohanian, husband of champion tennis player Serena Williams, said in a statement Thursday that “everyone is rethinking the modern office.”
Last month, Facebook’s Mark Zuckerberg told staff that the company will move toward a work-from-home model over the next decade. Other companies such as MasterCard are also evaluating their physical footprints.
“The biggest advantages I think are access to large pools of talent who don’t live around the big cities and aren’t willing to move there,” Zuckerberg told Andrew Ross Sorkin during a recent segment of CNBC’s “Squawk Box.”
HelloOffice, which was founded in 2016, plans to create an end-to-end service that helps clients find workspace, build out offices and manage operations. It has raised $27 million to date.