Workspace provider Knotel secures $400M, putting it in WeWork’s rear-view mirror
There is another company that is coming up fast in the “WeViewMirror” — if you will — and that’s Knotel. Also a “flexible workspace provider,” Knotel has reversed the WeWork model and instead of “We” branding everywhere, simply leases buildings, takes a small office for its staff and then kits out the building with modular furniture a company can just move straight into and call their own.
Knotel has now completed a $400 million financing, led by Wafra, an investment arm of the Sovereign Wealth Fund of Kuwait. Mori Trust (one of Japan’s leading real estate business operators), Itochu (one of Japan’s largest trading conglomerates) and Mercuria (a leading Japanese equity firm) also participated in the financing. Returning and previous Knotel investors include Norwest Venture Partners, Newmark Knight Frank, Bloomberg Beta and Rocket Internet.
Knotel will use the financing to grow its footprint in existing markets, continue expanding into “the world’s 30 largest cities” and also “deepen its engagement with global enterprise accounts.” Basically, that is code for going after the world’s biggest businesses who now require the flexibility of offices like they require AWS Cloud Service provision for their a