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== Funding and expansion ==
== Funding and expansion ==
JustCo is backed by several investors including French asset management firm Tikehau Capital Partners and Singapore-based Pinetree Capital Partners.<ref>{{Cite news|url=http://www.theedgemarkets.com/article/office-space-demand|title=Office space on demand|date=2017-05-11|work=The Edge Markets|access-date=2017-06-07}}</ref><ref name=":0">{{Cite web|url=http://sbr.com.sg/commercial-property/exclusive/new-coworking-space-in-cbd-wants-become-largest-in-apac|title=Singapore Business Review|last=|first=|date=|website=|archive-url=|archive-date=|dead-url=|access-date=}}</ref>
JustCo is backed by several investors including French asset management firm [[Tikehau Capital Partners]] and Singapore-based Pinetree Capital Partners.<ref>{{Cite news|url=http://www.theedgemarkets.com/article/office-space-demand|title=Office space on demand|date=2017-05-11|work=The Edge Markets|access-date=2017-06-07}}</ref><ref name=":0">{{Cite web|url=http://sbr.com.sg/commercial-property/exclusive/new-coworking-space-in-cbd-wants-become-largest-in-apac|title=Singapore Business Review|last=|first=|date=|website=|archive-url=|archive-date=|dead-url=|access-date=}}</ref>


In October 2017, it was announced that JustCo closed a Series B round at US$200 million valuation after receiving $12 million funds from Thailand’s leading real estate developer, [[Sansiri]], in fueling the expansion for Southeast Asia.<ref name=":4" /><ref>{{cite news|url=https://www.techinasia.com/justco-series-b|title=Singapore co-working space JustCo hits $200m valuation after closing series B|last1=Ellis|first1=Jack|date=12 October 2017|accessdate=12 October 2017|publisher=Tech in Asia}}</ref><ref>{{cite news|url=https://www.edgeprop.sg/sg/tags/sansiri|title=Thai developer Sansiri invests in Singapore-based co-working provider JustCo|last1=Tay|first1=Timothy|date=12 October 2017|accessdate=12 October 2017|publisher=EdgeProp}}</ref><ref>{{Cite web|url=https://www.mingtiandi.com/real-estate/finance-real-estate/12m-thai-investment-boosts-singapores-justco-valuation-to-200m/|title=Sansiri Investment Boost JustCo Valuation to $200M {{!}} Mingtiandi|website=www.mingtiandi.com|language=en-US|access-date=2017-10-20}}</ref> Wan Sing sees the importance "''to scale up quickly''", and JustCo's partnership with Sansiri will allow them to do so.<ref>{{Cite web|url=https://www.edgeprop.sg/sg/property-news/justco-open-four-co-working-spaces-bangkok-and-30-asia-pacific-2018|title=JustCo to open four co-working spaces in Bangkok and 30 in Asia-Pacific in 2018 {{!}} EdgeProp.sg|website=www.edgeprop.sg|language=en|access-date=2018-06-22}}</ref> With the expansion, it is stated that JustCo will grow its current member base by five-fold from its current 17,000 community.<ref>{{Cite news|url=https://www.reuters.com/brandfeatures/venture-capital/article?id=18451|title=Singapore’s JustCo raises US$12 million to expand its reach in Southeast Asia - Reuters|access-date=2018-01-10}}</ref><ref>{{Citation|title=Sansiri Has $390 Million Investment Budget for 2018|url=https://www.bloomberg.com/news/videos/2017-11-09/sansiri-has-390-million-investment-budget-for-2018-video|accessdate=2017-11-16}}</ref><ref>{{Cite news|url=http://www.asiaone.com/business/sansiri-invests-us80-million-in-6-international-brands-in-synergy-with-its-vision-to|title=Sansiri invests US$80 million in 6 international brands in synergy with its vision to globally invest in next generation living|work=AsiaOne|access-date=2017-11-16}}</ref>
In October 2017, it was announced that JustCo closed a Series B round at US$200 million valuation after receiving $12 million funds from Thailand’s leading real estate developer, [[Sansiri]], in fueling the expansion for Southeast Asia.<ref name=":4" /><ref>{{cite news|url=https://www.techinasia.com/justco-series-b|title=Singapore co-working space JustCo hits $200m valuation after closing series B|last1=Ellis|first1=Jack|date=12 October 2017|accessdate=12 October 2017|publisher=Tech in Asia}}</ref><ref>{{cite news|url=https://www.edgeprop.sg/sg/tags/sansiri|title=Thai developer Sansiri invests in Singapore-based co-working provider JustCo|last1=Tay|first1=Timothy|date=12 October 2017|accessdate=12 October 2017|publisher=EdgeProp}}</ref><ref>{{Cite web|url=https://www.mingtiandi.com/real-estate/finance-real-estate/12m-thai-investment-boosts-singapores-justco-valuation-to-200m/|title=Sansiri Investment Boost JustCo Valuation to $200M {{!}} Mingtiandi|website=www.mingtiandi.com|language=en-US|access-date=2017-10-20}}</ref> Wan Sing sees the importance "''to scale up quickly''", and JustCo's partnership with Sansiri will allow them to do so.<ref>{{Cite web|url=https://www.edgeprop.sg/sg/property-news/justco-open-four-co-working-spaces-bangkok-and-30-asia-pacific-2018|title=JustCo to open four co-working spaces in Bangkok and 30 in Asia-Pacific in 2018 {{!}} EdgeProp.sg|website=www.edgeprop.sg|language=en|access-date=2018-06-22}}</ref> With the expansion, it is stated that JustCo will grow its current member base by five-fold from its current 17,000 community.<ref>{{Cite news|url=https://www.reuters.com/brandfeatures/venture-capital/article?id=18451|title=Singapore’s JustCo raises US$12 million to expand its reach in Southeast Asia - Reuters|access-date=2018-01-10}}</ref><ref>{{Citation|title=Sansiri Has $390 Million Investment Budget for 2018|url=https://www.bloomberg.com/news/videos/2017-11-09/sansiri-has-390-million-investment-budget-for-2018-video|accessdate=2017-11-16}}</ref><ref>{{Cite news|url=http://www.asiaone.com/business/sansiri-invests-us80-million-in-6-international-brands-in-synergy-with-its-vision-to|title=Sansiri invests US$80 million in 6 international brands in synergy with its vision to globally invest in next generation living|work=AsiaOne|access-date=2017-11-16}}</ref>

Revision as of 16:14, 10 December 2018

JustCo is a provider and operator of shared coworking spaces, catering to freelancers, entrepreneurs, start-ups, and small and large enterprises in Asia-Pacific.[1][2] Headquartered in Singapore, JustCo was founded by Kong Wan Sing, its current CEO, alongside co-founders Liu Lu and Kong Wan Long. [2]

JustCo
Company typeWorkspace company
Founded2015
FounderKong Wan Sing
Headquarters
Singapore
Key people
Kong Wan Sing ( Founder and CEO )
ProductsFlexible workspaces for entrepreneurs, startups, small and large businesses
BrandsJustCo
ServicesShared workspaces, coworking spaces and related services
Websitewww.justcoglobal.com
File:120 ROB.jpg
Creative lighting design to enhance coworking spaces for tenants

Milestones

JustCo was officially launched in Singapore on September 2015 with the opening at 120 Robinson Road, to cater to the demand for shared workspaces, which was followed by the second space at 6 Raffles Quay in February 2016. [3][4][5][6]

In July 2017, JustCo opened its third coworking space spread across two floors at the UIC Building, and the fourth coworking space at premier Grade-A Marina One East Tower in August 2017. [7][8][9]

In May 2018, JustCo was appointed by American multinational telecommunications giant Verizon to help curate and manage Verizon's first Asian innovation community space in Singapore. The new space is located within Verizon’s Singapore headquarters in Ocean Financial Centre, Singapore. [10][11] "This first-in-Asia initiative sees a shift in the relationship between local innovation networks and big corporates,” Wan Sing told Channel News Asia.[10]

In May 2018, JustCo opened its first co-working centre in Southeast Asia, in Bangkok, Thailand.[12][11] The centre is located at AIA Sathorn Tower, and spreads over two storeys with a total area of 3,200 square meters.[13]

In May 2018, JustCo opened another centre in premier Grade-A Marina One West Tower.[2]

In July 2018, JustCo will launch a new centre in one of Singapore's shopping malls, Marina Square. The centre will span 60,000 square feet and cater to more than 1,000 members. JustCo will be the first co-working operator to be the anchor tenant for a shopping mall.[14][15]

In July 2018, JustCo will also launch a new centre at MacDonald House that is located on the fringe of the Arts & Heritage district.[16]

In October 2018, JustCo announced its newly secured lease at China Square Central in Singapore, which will occupy the property’s 2nd floor as one of the project’s anchor tenants. The centre targets to open in the last quarter of 2019. [17]

As of October 2018, JustCo has 14 centres in Singapore, 2 in China, 3 in Thailand, and 3 in Indonesia.

To drive JustCo’s aggressive regional growth across Asia, the company put in place a new organization structure to reflect its growth ambitions in October 2018. Liu Lu was appointed as Chief Operating Officer; spearheading the charge of collaboration and personal experiences amongst businesses across the region. Kong Wan Long will assume the role of Chief Commercial Officer and continue to lead the Enterprise360 team by providing bespoke workspace solutions to Fortune 500 and multinational organisations.[18]

A number of senior hires strengthened the organization: Koay Keng Teik was appointed as Chief Investment Officer, along with Jean Low and Ho Seng Chee, who were respectively appointed as Chief Financial Officer and Chief Corporate Officer, as part of the JustCo leadership team. [18]

Funding and expansion

JustCo is backed by several investors including French asset management firm Tikehau Capital Partners and Singapore-based Pinetree Capital Partners.[19][20]

In October 2017, it was announced that JustCo closed a Series B round at US$200 million valuation after receiving $12 million funds from Thailand’s leading real estate developer, Sansiri, in fueling the expansion for Southeast Asia.[15][21][22][23] Wan Sing sees the importance "to scale up quickly", and JustCo's partnership with Sansiri will allow them to do so.[24] With the expansion, it is stated that JustCo will grow its current member base by five-fold from its current 17,000 community.[25][26][27]

In December 2017, JustCo announced a joint venture in Indonesia with one of Asia’s largest business players, Gunung Sewu. The first JustCo co-working space in Indonesia has been secured at one of the premium skyscrapers developed under Gunung Sewu's property business line - Sequis Tower, Jakarta, opening in July 2018.[28][29]

In May 2018, Singaporean sovereign wealth fund, GIC and mainboard-listed Frasers Property agreed on a US$177 million partnership with JustCo to develop coworking space platform across Asia. [11][30][31] The joint investment will enable JustCo to build on its presence in Southeast Asia and expand into other parts of Asia, including China, Korea, Japan and Australia. [32] The new injection of funds will also support JustCo's "continued focus on ramping up technology solutions, and enhance service offerings to facilitate collaboration and networking opportunities", the companies claimed.[30]

More JustCo co-working centres will be opened in at least six regional countries, namely Bangkok, Manila, Kuala Lumpur, Ho Chi Minh City and Jakarta, which brings up the total number of locations in Asia to 30 by 2018.[33][34] JustCo plans to set up 100 centres in Asia by 2020.[11]

Partners

Over the years, JustCo has established relationships with partners such as Dropbox, Salesforce, and PwC’s Venture Hub. JustCo also works with interior designers.[35][36][37]

References

  1. ^ Haynes, Barry P.; Nunnington, Nick; Eccles, Timothy (2017). Corporate Real Estate Asset Management. UK: Routledge. pp. 410–423. ISBN 978-1-138-91507-7.
  2. ^ a b c "JustCo plans to dominate Asia". Retrieved 2018-06-22.
  3. ^ "Co-working space seen as boon for office landlords and tenants". AsiaOne. Retrieved 2017-06-07.
  4. ^ hermes (2016-02-11). "Short-term space provider's long view". The Straits Times. Retrieved 2017-06-07.
  5. ^ hermesauto (2016-04-07). "CBD office rents fall 3.9% in Q1 with outlook still weak: DTZ". The Straits Times. Retrieved 2017-06-07.
  6. ^ hermes (2016-05-23). "Co-working spaces help to keep costs down". The Straits Times. Retrieved 2017-06-07.
  7. ^ Shafeeq, Jacquelyn Cheok, Syarafana. "Coworking spaces set to proliferate and become a real estate asset class". The Business Times. Retrieved 2017-06-07.{{cite news}}: CS1 maint: multiple names: authors list (link)
  8. ^ "Homegrown firm looks to 'super-size' co-working spaces in Singapore". Channel NewsAsia. Retrieved 2017-06-07.
  9. ^ Khoo, Lynette. "The future of work". The Business Times. Retrieved 2017-09-11.
  10. ^ a b "Verizon launches first Asian innovation-community space in Singapore". Channel Asia Singapore. Retrieved 2018-06-22.
  11. ^ a b c d Setboonsarng, Chayut. "Singapore's co-working space firm JustCo plans 100 centres in Asia..." U.S. Retrieved 2018-06-22.
  12. ^ GmbH, finanzen.net. "JustCo and Sansiri celebrate the grand opening of the largest co-working space in Thailand | Markets Insider". markets.businessinsider.com. Retrieved 2018-06-22.
  13. ^ "JustCo, Sansiri celebrate the opening of the largest co-working space in Thailand". Digital News Asia. 2018-06-04. Retrieved 2018-06-22.
  14. ^ "JustCo to launch co-working space in MacDonald House". Retrieved 2018-06-22.
  15. ^ a b "JustCo to open four co-working spaces in Bangkok and 30 in Asia-Pacific in 2018". Retrieved 2017-11-20.
  16. ^ "JustCo to launch co-working space in MacDonald House | EdgeProp.sg". www.edgeprop.sg. Retrieved 2018-06-22.
  17. ^ "Co-working startup JustCo leasing 2nd floor of Fraser Property's China Square Central". {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  18. ^ a b "Co-working operator JustCo announces new senior management appointments". {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  19. ^ "Office space on demand". The Edge Markets. 2017-05-11. Retrieved 2017-06-07.
  20. ^ "Singapore Business Review". {{cite web}}: Cite has empty unknown parameter: |dead-url= (help)
  21. ^ Ellis, Jack (12 October 2017). "Singapore co-working space JustCo hits $200m valuation after closing series B". Tech in Asia. Retrieved 12 October 2017.
  22. ^ Tay, Timothy (12 October 2017). "Thai developer Sansiri invests in Singapore-based co-working provider JustCo". EdgeProp. Retrieved 12 October 2017.
  23. ^ "Sansiri Investment Boost JustCo Valuation to $200M | Mingtiandi". www.mingtiandi.com. Retrieved 2017-10-20.
  24. ^ "JustCo to open four co-working spaces in Bangkok and 30 in Asia-Pacific in 2018 | EdgeProp.sg". www.edgeprop.sg. Retrieved 2018-06-22.
  25. ^ "Singapore's JustCo raises US$12 million to expand its reach in Southeast Asia - Reuters". Retrieved 2018-01-10.
  26. ^ Sansiri Has $390 Million Investment Budget for 2018, retrieved 2017-11-16
  27. ^ "Sansiri invests US$80 million in 6 international brands in synergy with its vision to globally invest in next generation living". AsiaOne. Retrieved 2017-11-16.
  28. ^ "JustCo, Gunung Sewu to form co-working space joint venture - Reuters". Retrieved 2018-01-10.
  29. ^ "JustCo, Gunung Sewu in joint venture to develop co-working in Indonesia". Digital News Asia. 2017-12-22. Retrieved 2018-01-09.
  30. ^ a b Mui, Rachel. "Frasers Property, GIC, JustCo invest US$177m to develop co-working space platform across Asia". The Business Times. Retrieved 2018-06-22.
  31. ^ hermes (2018-05-17). "Frasers Property, GIC and JustCo in $238m tie-up". The Straits Times. Retrieved 2018-06-22.
  32. ^ "GIC, Frasers Property, JustCo invest S$237m to develop co-working platform in Asia". Channel NewsAsia. Retrieved 2018-06-22.
  33. ^ Allwork., Space (12 October 2017). "JustCo Closed On A Series B Round At US$200 Million Valuation". Allwork.Space. Retrieved 12 October 2017.
  34. ^ Digital News Asia (13 October 2017). "Singapore's JustCo closes Series B round; grows valuation to US$200mil". Digital News Asia. Retrieved 13 October 2017.
  35. ^ Suhrawardi, Rebecca. "Bangkok Based Sansiri Is On A Mission To Create A Global Lifestyle Of Cool". Forbes. Retrieved 2017-11-20.
  36. ^ "Exclusive: For startups, vision without execution is hallucination, says Ludo Ulrich, Salesforce - DealStreetAsia". www.dealstreetasia.com. Retrieved 2017-06-07.
  37. ^ "Singapore: JustCo partners PwC Venture Hub; AIRmaker-Arrow Electronics pact - DealStreetAsia". www.dealstreetasia.com. Retrieved 2017-06-07.
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