London workspace platform raises £3.6m funding following 600% revenue growth

A London workspace platform has announced that it has raised £3.6m in seed funding as it aims to grow internationally.

Kitt, which provides customisable workspace solutions to tenants via its landlord partners, raised the funding through a round led by Barclay Ventures.

This comes after the company reported a 600 per cent rise in revenue since August, which it says is due to companies reassessing their workspace needs in the wake of the pandemic.

It said that the funding will be used to scale its services nationally and internationally.

Lucy Minton, founder of Kitt, commented: “Companies across the UK are rushing to get teams back to the office while re-assessing their use of space.

“At Kitt, we have experienced a 600 per cent growth in revenue since August and we expect this growth to continue as offices navigate and understand the changing needs of their team.

“However, the property industry is more fragmented than ever and 88 per cent of landlords have just one or two buildings. This has made finding the right office or tenant overly difficult.

“With flexibility at the top of the agenda, collaboration, creativity and innovation will be central to office design in a post-COVID world.

“Space needs to be able to bring teams together, enhancing wellbeing and re-building company culture.

“We’re bringing together both sides of the equation to provide the best solution for all.”

Andreas Wiele, investor in the round, added: “The office-leasing industry is in need of huge disruption and Kitt will play a key role in changing how the industry operates beyond Covid.

“By providing a bespoke solution for tenants, they can plan beyond the next six months and navigate their own version of the office of the future.

“For landlords, Kitt is offering a chance to market space in a new way that enables them to sell offices worth leaving home for.”