There’s now another coworking space in Philly with deep pockets.
Brooklyn-based Industrious — which opened a Center City location in 2015 — has raised a sizable $37 million round in Series B funding, led by Silicon Valley’s Riverwood Capital. All told, the company has raised $51 million so far.
With all this fresh capital, the company is gearing up to open a dozen new spaces, including one in Los Angeles and a second Brooklyn location but — according to Ariel Pechter, community manager at Industrious Philadelphia — there are no current plans for a second Philly expansion.
In 2014 we reported on the coworking space’s Philly expansion. The initial plan included both a Center City spot and a 20,000-square-foot Old City location in the pipeline.
Whatever happened with that?
In an emailed statement to Technical.ly Philly, Industrious cofounder Jamie Hodari said the company decided to hold off on the planned location in order to put their resources into growing a national footprint.
“We’ll definitely do other locations in Philly but haven’t decided yet if it will be part of this round,” Hodari said. “We’re finally reaching the point as a business where it makes sense to start expanding in existing cities in addition to launching new ones,” said Hodari. “And Philly is right at the top of that list.”
As for Industrious’ current Philly presence, the space’s 61 offices in the 200 block of South Broad are currently at 90 percent occupancy, according to Pechter.
Given how crowded the Philly coworking market has been of late, we’ll be watching if anything changes.
Technical.ly Brooklyn has the full scoop on the big raise.
3 ways the Pennovation Center helps its women entrepreneurs accomplish their goals
Coliving brand Quarters picks NoLibs spot for first Philly location
Grubhub expands Philly presence inside new 15,000-square-foot office
Why Deacom’s team prioritizes collaboration and continuous improvement
1776 launches new Brewerytown hub, plans shutdown of UCity campus
More coworking? Spaces picks location for second Philly hub
This coliving company is launching in Philly — fueled by a $300M funding round
Engineers have Vistar Media’s Philly office all to themselves
Sign-up for daily news updates from Technical.ly Philadelphia