Industrious raised $37M for national growth, but no second Philly space — yet - Technical.ly Philly

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Sep. 19, 2016 12:58 pm

Industrious raised $37M for national growth, but no second Philly space — yet

The Brooklyn-based coworking company is branching out to 12 new cities with all that moolah. But what ever happened to that second space planned for Philly?

At Industrious' Center City location.

(Courtesy photo)

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.

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Companies: Industrious
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