US-based flexible workspace provider Industrious has announced the acquisition of Singapore-based The Great Room and Europe-based Welkin & Meraki. The two deals add the six operating markets of the acquired companies and all their assets (co-working spaces, totalling approximately 32,500 square metres or about 25% of Industrious's pre-deal floor area) to its business with immediate effect. In addition, Industrious is taking over both companies' acquisition pipelines representing a potential further addition of 57,700 square metres of space to its assets.
According to Industrious, the two deals are worth approximately $100 million in total. Both companies will continue to operate under their existing brand names, and their leadership and staff will join Industrious.
The Great Room was founded in 2016 by Jaelle Ang, Su-Anne Mi and Yian Huang, and operates in Singapore, Bangkok, and Hong Kong. Statistics from Crunchbase indicate that it had previously raised funding from C31 Ventures, CapitaLand, iGlobe Partners, and InnoVen Capital. Welkin & Meraki was founded in 2018 by Alain Brossé, with funding from Eaglestone Group and entrepreneur Jonas Dhaenens, and operates in Paris, Eindhoven, and Brussels. Neither company has disclosed their most recent valuations.
Industrious itself was founded in 2012 by CEO Jamie Hodari and president Justin Stewart. It has raised approximately $420 million to date, with its latest funding round accounting for over half that amount via a $200 million investment by CBRE in February 2021.