Co-working marketplace Stylework has raised $2 million in its Series A1 round from institutional investors including Capriglobal Holdings, QI Ventures and some undisclosed family offices. Existing backer WFC along with iAngels Network, Sateeq Invest, Impactful Pitch have also participated in the round..
According to Stylework, it has raised the funds at a valuation of $20 million
The funds will be used on further building and growing our advanced flexible workspace aggregator technology and product for corporates, the company said in a press release.
Founded by Sparsh Khandelwal, Stylework, a B2B SAAS marketplace model, has more than 2,500 partnered co-working spaces on its platforms across India and is in partnership with over 250 all-category coworking and managed office operator brands for the same.
The Gurugram-based firm claims to have expanded its partnered coworking supply presence from 3 cities to 10 and further to over 50 cities and currently operates in over 80 cities.
At present, the startup has presence in 80 tier I, tier II, tier III, and tier IV cities, and plans to focus on penetrating deeper into the Indian market share, while parallelly opening the launch and growth pads in SEA & MENA regions as well.
Stylework said that its GMV has crossed $16 million and it has sold approximately 22,000 seats since inception, with each seat generating a net revenue of Rs 10-12K.
Mumbai-based WFC invests $50K- $2 million amount in early-stage startups and has already enabled $20 million worth of investments across 100 startup deals since incorporation.