MindSpace has raised $ 72 million led by Harel and other institutions

by time news

Company Mindspace, Which offers rental workspaces, reports a $ 72 million round of completion. The round was led by Harel Insurance and Finance, Moore Gamel and Arkin Holdings, as well as existing investors, including Yoav Harlap, Kobi Rogovin and Globalworth (GWI: LSE). Barak Capital Underwriting served as an investment banker in the transaction.

MindSpace, founded in 2014 by Dan Zakai and Yotam Elroy, currently operates 32 branches in 17 cities in seven countries, covering an area of ​​over 100,000 square meters. The flexible work spaces, grew. “In 2021, Mindspace demonstrated a significant recovery when it reached the occupancy rate of early 2020 before the outbreak of the corona, and even exceeded them, with over 95% in Israel and Germany. These full occupancies do not reflect a downward trend in prices, The corona, “the company said.

They added that forecasts indicate that the flex market will reach a market share of more than 30% by 2030 of the world’s commercial real estate, while today the share of flexible offices in commercial real estate stands at about 5%.

In the past year, MindSpace has launched new branches in London, Tel Aviv, Philadelphia and most recently in Kibbutz Yakum. MindSpace serves a wide range and variety of companies; About 41% of the companies are large companies and corporations and 38% are small and medium-sized companies. The leading industry types of MindSpace customers are high-tech companies, financial companies and service providers. Past and present customers include Microsoft, Samsung, Playtika, Taboola Yahoo! , Expedia, GoPro and more.

Dan Zakai, CEO and co-founder of MindSpace, said that “the current investment is designed to help us catch up with rising market demand and launch new branches in collaboration with property owners around the world.”

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Sami Babkov, Deputy CEO and Investment Manager at Harel Insurance and Finance, said: “Harel is proud to lead the current round of funding with a total investment of $ 30 million. This investment is an expression of confidence in the workspace model, against the background of the Corona’s implications for the office market and through this investment we diversify and improve our investments in the field of real estate.

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