Investors have viewed the proptech model with optimism Aroundwhich consists of the conversion of vacant real estate into spaces for office with services included, so thanks to this the firm has raised seed capital for 3.8 million dollars.
According to the company, this round was led by LEAP Global Partners and included the participation of Latitud Ventures, Ganas Ventures, Gaingels, Unpopular Ventures, Tribal Global, August Hill and a16z scout fund.
“Around is redefining the space of office for startups and SMEs in the new normal,” said Martin Haiek, CEO of the firm.
For the manager, what the young business sector is looking for are flexible spaces that adapt to a hybrid model; however, he also takes into account the spaces to meet, socialize and work, which provides an opportunity for this company’s model to go deeper into the market.
“Unfortunately, once (companies) exceed the capacity of the spaces of co-workingyour only option is a long-term rental with a large initial investment,” Haiek said.
In this context, the director indicated that current times make companies need a office main in each city they operate; however, these do not need to be large headquarters located in business zones as they used to be, but instead require the form of dedicated workspaces, which can be reached on foot.
“Moving to a remote scheme, Airbnb and Uber are great examples that validate our point of view,” Haiek said.
The firm’s main model consists of converting vacant properties into spaces for office with all services included and under flexible conditions for growing teams, without exposure to fixed income.
According to company data, currently more than 1,100 employees of more than 100 local and foreign companies work from one of the more than 130 locations of Around in Mexico; however, the long-term goal is to expand to the main cities of Latin America, where it estimates a business opportunity of more than 40,000 million dollars.
Currently, the firm’s portfolio includes clients from startup What Tribal, flink, anchorer, I invest Y monashees.
“The need for an office space solution office flexible was common in all growing companies, especially in those cities where the market for real estate is very fragmented, with rigid terms, offline processes and legal risk,” said Around He added that it is estimated that more than 50% of renters mistakenly plan the space they will need, which causes them to end up trapped in long-term leases and pay for space that they do not take advantage of.
According to the firm, since its launch, at the height of the pandemic, Around managed to reach annualized revenues of 2.5 million dollars, for which it projects a growth of more than five times in the next year, due to the increase in demand.
“According to experts in the segment, 30% of all space in Offices it will be flexible and designed for hybrid enterprises in 2030. Today, this figure is only 3 percent. Inspired by the traction of your solution and the size of the opportunity, Around is creating the ideal frictionless flexible office space for all the growing teams in the region.”
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