Knotel Closes $60MM in Funding Led by Norwest Venture Partners
Agile Workspace Provider to Expand Global Footprint and Transform the Way People Work
NEW YORK, October 24, 2018-- Knotel, the premier global provider of agile workspaces for companies, announced today that it has closed a $60 million round of funding led by Norwest Venture Partners. As part of the transaction, Norwest Managing Partner Jeff Crowe will take a seat on Knotel’s board.
The new round of financing brings Knotel’s total backing to $160 million. Existing investors, which include market-leading commercial brokerage Newmark Knight Frank and Bloomberg Beta, were also participating in the round.
Norwest, which has backed high-profile companies such as Opendoor, Uber, Spotify and Jet, will bring a wealth of knowledge and expertise to the table to help accelerate Knotel’s rapid growth.
“Agile workspaces represent the next generation of corporate offices and Knotel is the clear leader of this movement,” said Jeff Crowe, Managing Partner at Norwest. “The Knotel team has the innovation and drive to transform the commercial real estate world towards this vision of flexibility, speed and transparency.”
“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. “Jeff and Norwest are masters of the daring voyage and share our vision to create agile workplaces that give companies the freedom to accomplish great things.”
The new funding comes as Knotel continues to expand at an accelerating pace. 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. The company is on track to exceed $100 million in revenue run rate by year end with mature locations operating at 90% occupancy.
Founded in 2016, Knotel designs and manages agile office space for established and growing companies. An alternative to a lease and far beyond coworking, Knotel provides speed, flexibility and value without sacrificing on customization. Agile HQs give companies a home in look, feel, and operations, and the ability to evolve at will.
Knotel will use the additional funding to deepen its coverage in current core and new markets among mid-market and enterprise businesses. Today, more than 200 companies call Knotel home, including global giants such as Omnicom, Netflix, and Daimler. Previous investors from its $25 million Series A round in 2017 include Bloomberg Beta, Rocket Internet, and 500 Startups.
With 1.7 million square feet across nearly 100 locations in New York, San Francisco, London and Berlin, Knotel is transforming the way we work with its Agile HQ™ Platform. Making long-term leases a thing of the past, Knotel designs, builds, and operates custom spaces for enterprises, so they can focus on building the future.
Founded in 2016, Knotel was named a Business Insider Top 50 Startup and New York’s Hottest New Workspace Model. Knotel’s member network includes companies like Starbucks, Netflix and Daimler. Visit knotel.com.
About Norwest Venture Partners
Norwest is a premier multi-stage investment firm managing more than $7.5 billion in capital. Since our inception, we have invested in more than 600 companies and partner with over 140 active companies across our venture and growth equity portfolio. The firm invests in early to late stage companies across a wide range of sectors with a focus on consumer, enterprise, and healthcare. We offer a deep network of connections, operating experience, and a wide range of impactful services to help CEOs and founders scale their businesses. Norwest has offices in Palo Alto and San Francisco, with subsidiaries in India and Israel. For more information, please visit www.nvp.com.
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