Flexible workspace provider secures £5m to expand European footprint

A flexible workspace provider for scaling tech businesses has secured £5m investment to expand its European business.

London-based company Techspace has secured £5m in a follow-on round managed by Noé Group’s venture capital arm Goldacre.

Since 2016, Techspace has expanded from a single location in Old Street, London to four sites across London as well as a 4,500 sq m building in Moritzplatz, Berlin.

Following the funding round, Techspace’s next landmark location to open its doors will be an historic ice cooling warehouse in Berlin, on the banks of the River Spree.

Rob Stevenson, director of Techspace, commented: “This investment demonstrates the Noé Group’s commitment to the sector and their confidence in Techspace’s ability to deliver sustainable growth with a clear path to profitability.

“Our core focus is on organic growth in our current markets but, as the sector starts to consolidate, we are also appraising opportunities for inorganic growth on a case by case basis.”

Goldacre’s scaleup and investment programme for real estate startups, RElab, is set to operate out of Techspace’s Shoreditch location from February 2020.

Founding partner of the Noé Group, David Bloom, added: “We’re excited to bring RElab and Techspace under one roof for RElab’s second cohort.

“Not only can we unite two forward thinking communities, but also take advantage of the naturally occurring synergies between two of our key investments.”