Convene Raises $152M in Series D Financing
With this last round, bringing funding to total $260 million, the flexible workspace provider plans to go global.
NEW YORK CITY–Convene has secured $152 million in its most recent round of Series D financing. This more than doubles the company’s Series C round, bringing its total equity funding to-date to $260 million. ArrowMark Partners led this round in funding.
The company plans to use the money to expand its operations globally, broaden its services and launch a new workplace technology platform.
Convene works with property owners and landlords, offering meeting and workplace services in Class A office buildings. This includes adding amenities, and providing flexible meeting, event and work spaces. The company states more than 50% of its revenue comes from Fortune 500 companies.
The new investors are primarily from the real estate and tech industries, such as Declaration Capital, QuadReal Property Group, Revolution Growth and RXR Realty. Returning investors include ArrowMark Partners, Brookfield, CVC2, The Durst Organization and Elysium Management. Baird served as Convene’s financial advisor.
“Unlike many players in the flexible office or space-as-a-service category, Convene’s landlord partnership model goes far beyond coworking,” says Ryan Simonetti, CEO and co-founder of Convene. “We are proud to partner with the world’s most respected office owners to create inspiring workplace environments for today’s top companies.”
RXR Realty chair and CEO, Scott Rechler, notes the CRE industry has shifted from simply providing office space to accommodating tenants with full-service, flexible work environments so they can attract and retain talent in today’s competitive market. “As a landlord partner with Convene in multiple properties, we have seen firsthand how they both fill a market void for corporate clients as well as provide an extraordinary amenity for building owners,” says Rechler.
Convene recently acquired Beco, a mobile workplace analytics and data platform, to provide its landlord partners with data about the workplace. The company states that by the end of the year, it will have 23 locations in five cities. Convene projects its current 700,000 square feet will grow to 1.7 million total square feet of space in 10 cities by the end of 2019.