Valve is looking to augment its SaaS platform for coworking and flexible office providers in the US
A company aiming to be the leasing and planning backbone for the flex office industry has raised over $4 million in seed capital for its North American expansion.
Valve secured $4.5 million in seed funding led by technology venture capital fund Project A and participation from Discovery Ventures to expand its presence in the U.S. coworking and flexible office market, four years after the launch of the company in London.
Valve acts as the infrastructure that coworking companies and landlords with flexible office offerings use to market, lease and schedule tenants in these spaces, said Francesco DeCamilli, general manager of Valve USA. bisnow in an interview. The software-as-a-service company helps flex office owners find tenants, onboard them into short-term contracts, and provide up-to-date data on current market availability.
The company is looking to ride the wave of flexible office adoption sweeping the industry as part of a broader back-to-workplace campaign. More than 40% of office tenants plan to increase their use of flex spaces as part of a post-pandemic work strategy, according to JLL’s Global Flex Space Report 2021.
“As offices kind of transition to this on-demand model… the need for Valve emerges,” DeCamilli said. “Our vision is to build an end-to-end transaction platform. We are an underground business enabling the B2B real estate community. There is no B2C element.
As a SaaS platform, Valve generates revenue by charging brokerage firms subscriptions to access its system. For carriers and owners, access is free, but Valve offers premium services like marketing software, DeCamilli said.
He compared it to SaaS systems in the hospitality industry, like Amadeus. Invisible to the consumer, the system integrates hotel availability across all brands to ensure no two customers book the same room on the same days.
Valve declined to disclose its current earnings. In May, Valve announced a partnership with Raise to provide real-time flexible desktop availability to the commercial real estate brokerage industry.
DeCamilli said the seed funding will be used to “really boost our growth in the United States”
Valve already coordinates and lists more than 10,000 buildings in more than 250 cities with more than 170 customers that include a mix of coworking operators like WeWork, landlords with self-managed flex spaces, and CRE brokerage firms like JLL.
But his presence in the United States is in its infancy with just over 25 customers, DeCamilli said, but he expects to increase his customer base fivefold over the next six months.
Francesco DeCamilli is a former Bisnow executive.