Amol Sarva, co-founder and CEO of Knotel
NEW YORK CITY—Knotel, the New York City-based provider of custom workplaces with flexible terms, has closed a $60 million round of funding led by Norwest Venture Partners. As part of the transaction, Jeff Crowe, the managing partner of Norwest, has joined Knotel's board of directors.
Crowe comments that agile workspaces are the future of corporate offices. “The Knotel team has the innovation and drive to transform the commercial real estate world towards this vision of flexibility, speed and transparency,” he says.
“Knotel is just getting started. The journey transforming the immense global category of office will be all about team. Today we add a superstar,” says Amol Sarva, co-founder and CEO of Knotel.
This latest round of financing brings Knotel's total backing to $160 million. Existing investors including Newmark Knight Frank and Bloomberg Beta also participated in the round. Norwest has backed other high-profile companies such as Opendoor, Uber, Spotify and Jet. Knotel asserts that the investment firm will bring its experience to help accelerate the flexible workspace provider's growth. The company plans to use the additional funding to expand in current core and new markets, targeting mid-market and enterprise businesses. Its previous $25 million Series A round in 2017 also included investors Rocket Internet and 500 Startups.
Workspace of Knotel client, Medallia
The new funding comes as Knotel continues its brisk pace of expansion. The company operates nearly 100 locations in New York, San Francisco, London and Berlin, and has more than doubled its real estate footprint in the past six months to a current total of over 1.7 million square feet. More than 200 companies including vast corporations such as Omnicom, Netflix, and Daimler currently use Knotel spaces.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Betsy Kim
Betsy Kim was the bureau chief, East Coast, and New York City reporter for Real Estate Forum and GlobeSt.com. As a lawyer and journalist, Betsy has worked as the director of editorial and content for LexisNexis Lawyers.com, a TV/multi-media journalist for NBC and CBS affiliated TV stations in the Midwest, and an associate producer at Court TV.
