April 24, 2024

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[THE INVESTOR] Seoul-based coworking space operator SparkPlus on September 18 said it has raised 20 billion (US$17.73 million) in Series A round from local investors. 

Venture capital firms InterVest, STIC Ventures, Medici Investment, Mirae Asset Venture Investment, Wooshin Venture Investment and IBK Capital have joined SparkPlus’ first funding round. 

SparkPlus, jointly established by Aju Hotels & Resorts and accelerator SparkLabs, opened its first branch at Yeoksam Station, Seoul, in November 2016. It operates five locations, with two new openings this year in Gangnam and Yeouido.

 
Amid heated competition among coworking spaces here -- with major players like the US-based WeWork and local operator Fastfive -- SparkPlus is focusing on providing customized offices for companies to use as their headquarters. In partnership with SparkLabs, it also provides various programs and support for early stage startups. 

“We believe that our coworking spaces can be the headquarters for tenants to attain business success, whether they are a one-person company or have a staff strength of 100,” said Mok Jin-gun, CEO of SparkPlus. “We would like to become the growth partner for our clients to support their business and an operational partner for building owners and real estate personnel to solve problems together.”

The latest funding will be used mainly for expansion, according to the firm. It plans to have 25 mid-to-large locations across the city by 2021.

By Ahn Sung-mi (sahn@heraldcorp.com)