Workbox, a Chicago-based coworking space operator founded in 2019, has raised $17.5 million in its Series A funding round, with an additional $5.5 million in potential follow-on funding. To date, Workbox has secured over $25 million in total capital.
Chicago Atlantic led this funding round, which will facilitate Workboxâs rapid expansion across the United States. Currently, Workbox operates 10 sites in five cities, with new locations announced for Chicago and Dallas. This funding infusion provides significant liquidity at a time when much of the industry faces capital constraints.
Workboxâs Co-Founder and CEO, John Wallace, stated, âThe flexible office sector is poised to be a major driver of office space demand in the new work era. The growth in hybrid employment, employee flexibility, and small business formation indicates that ‘flexible office’ will become synonymous with ‘office.’â
Wallace added, âWorkbox has doubled its revenue annually since its inception, attracting a capital partner that sees the potential in this trillion-dollar sector. Chicago Atlantic, with over $2.1 billion in assets under management, offers valuable experience in private equity, credit, and public markets, crucial for our sustainable growth.â
John Mazarakis, a Founding Partner at Chicago Atlantic, commented, âWorkbox has been innovating in customer acquisition and structure since its inception. Their hands-on operational strategy positions them well for sustained growth. We are proud to support Workbox with this significant investment.â
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By Proptechbuzz
By Ravi Kumar
