[THE INVESTOR] Korean shared-office company Fastfive on Feb. 19 said it has received 20 billion won (US$18.80 million) from Atium Investment and Timefolio Asset Management.
Local venture capital firm Atium has injected 15 billion won, while hedge fund company Timefolio invested 5 billion won, in the latest round.
“We paid attention to the growth of shared-office market due to a paradigm shift in the real estate industry, and also Fastfive’s outstanding execution ability in comparison to competitors,” said Kim Je-wook, director at Atium Investment. “We will help Fastfive grow faster in the future.”
Fastfive, established in 2015, has 12 co-working spaces across Seoul, including prime spots like Yeoksam, Gangnam and Hongdae.
With the latest investment, Fastfive plans to expand to 20 locations by end of this year. It is also seeking to introduce a co-living space in the second half of this year.
“The demand from midsized firms with more than 100 employees and foreign firms has been increasing, in addition to individuals and small firms,” said co-CEOs Park Ji-woong and Kim Dae-il. “We will redefine the real estate market regarding services and create a distinctive brand, just like Starbucks.”
Fastfive’s rapid expansion comes as many co-working spaces are being launched across Seoul to attract startups and entrepreneurs. New York-based WeWork has eight locations across Seoul, with plans to open more offices this year, while Amsterdam firm Spaces launched its first office in Jongno-gu, last year. Hyundai Card also operates its own shared office space Hyundai Card Studio Black in Gangnam-gu.
By Ahn Sung-mi (firstname.lastname@example.org)