Online office space marketplace Hubble has raised £4m in series A financing from a group of investors led by the JLL Spark Global Venture Fund.
The company says that it plans to ‘build the world’s largest online office broker’ and that the funding will help it develop its platform and enhance its proposition for medium sized (over 50 employees) businesses looking for space.
The latest investment takes Hubble’s fundraising total to £6.4m. Current and previous investors include Downing Ventures, the Directors of M7 Real Estate, Starwood Capital, Rohan Silver, James Caan and Streetcar (now Zipcar) founder Brett Akker
Tushar Agarwal, CEO and co-founder of Hubble, said: “Since launching four years ago, we’ve built an unrivalled technology platform that addresses the overwhelming need for finding and renting flexible office space, easily. When we started, our average client was a five-person startup needing desks in a coworking space for a few months. Now, we are frequently helping businesses with 50 staff or large multinationals renting space for a year or more.
“The traditional lease market with its 10 year terms and significant upfront costs is no longer fit for purpose. Businesses want to be able to move in, or out, of an office in a matter of days and we’re able to help them do that.
“The fact that some of the world’s most renowned real estate companies have partnered with us in this funding round is testament to the strength of our offering. We’re looking forward to working with them to achieve our ambition of being the world’s largest platform for flexible office space.”
Flexibility is very much a buzz word in the commercial market at the moment. The concept is often thought of as appealing most to small, ambitious start ups. However, the fact that Hubble is now planning to target the larger occupier may offer a clue as to the future direction of this market.