Edinburgh-based PropTech startup, Desana, has raised $4 million (£2.9m) in funding as the firm looks to capitalise on the post-pandemic flexible working boom.
Desana secured the investment from a range of investors which includes Berlin-based PropTech1 Ventures, BGF and Techstart Ventures.
The cash boost marks the second significant investment for firm in the space of two years. In September 2019, the firm raised £550,000 in funding from Techstart Ventures.
Desana is a flexible workspace platform which enables companies to manage how their workforce uses office space.
Staff can choose to work from their employer’s own buildings or from Desana’s fast-growing network of flexible workspace operators in over 40 countries. Companies also have the ability to curate which spaces can be accessed by any member of staff.
As coronavirus restrictions begin to ease globally, many organisations are exploring the benefits of hybrid working practices.
Statistics show that office space is a company’s second-highest overhead after staff, with more than $825 billion spent each year on under-utilised offices that no longer serve the needs of post-pandemic workforces.
According to Desana, the funding will be used to capitalise on the unprecedented demand for hybrid working options and expand into new markets.
Michael Cockburn, co-founder and CEO of Desana, said: “The growth of the business comes at a time when the traditional world of work has turned on its head. The shift towards flexible working was already in progress, however Covid-19, has accelerated this change.
“Employers are now looking for the flexibility that home working offers, however, they also yearn for the human interaction of the office. Desana fulfils a much-needed hybrid between the two.”
Founded in 2016, the company has grown rapidly since the onset of the coronavirus pandemic, nearly doubling its UK headcount and securing a number of high-profile clients.
Paddy Graham, head of BGF’s Central Scotland and Northern Ireland team, said: “Desana is a really exciting business that is in a prime position to facilitate the current market shift to a flexible working approach.
“We immediately saw the company’s potential and alongside the other co-investors were able to deploy growth capital, at speed, to help it capitalise on the opportunity at hand.”
Kingma Ma, PropTech1 Ventures, commented: “We are excited that with Desana we have found a solution in the UK that we believe will have a great impact in shaping the global future of work.”
Source: DIGIT