Knotel, a New York startup that designs and operates bespoke spaces for brands, today announced that it’s secured $400 million in funding at a valuation of $1 billion led by Wafra, an investment arm of Kuwait’s Sovereign Wealth Fund, with participation from Mori Trust, Itochu, and Mercuria. The capital infusion brings its total raised to over $500 million, and cofounder and CEO Amol Sarva says it’ll be used to grow the company’s footprint in existing markets and deepen its engagement with global enterprise accounts.

“Knotel is building the future of the workplace, and we are excited to welcome a group of investors who believe passionately in our product, vision and ability to execute,” said Sarva, previously the CEO and president of neurostimulation startup Halo Neuroscience. “Wafra will help us continue our rapid global expansion and solidify our position as the leader in a fast-growing, trillion-dollar flexible office market.”

Knotel, which Sarva founded in 2016 alongside former Plated board member Edward Shenderovich and Observer Capital’s Joseph Meyer, provides spaces tailored to meet the needs of corporate customers like SeatGeek, Cheddar, Omnicom, Twilio, Monday, and Segment. Its in-house team of architects, interior designers, and workplace strategists not only works with landlords to secure and gut