Breather, the global provider of flexible and private workspace, announced that it has raised $45 million in additional financing led by Menlo Ventures and other firms including la Caisse de dépôt et placement du Québec, Ascendas-Singbridge and Temasek.
Short-term office rental services make up a multi-billion-dollar industry that provides monthly to hourly workspace rental options, including fully furnished offices, conference and meeting rooms.
All types of companies, from start-ups to Fortune 500 companies, are turning toward the commercial real estate industry for private and flexible workspaces to meet their changing operating needs and to reduce costs.
While the alternative workspace industry has grown to include many players, unlike coworking, Breather has achieved significant success partnering with landlords in each of its markets to create private workspace solutions for their growing portfolios, positioning buildings for today’s changing workforce.
Breather has proprietary booking and access technology and is also focused on a more robust yield management system powered by machine learning.
“Breather is a young, innovative and fast-growing company with great potential on the international scene,” said Christian Dubé, Executive Vice-President, Québec, at la Caisse.
“Through its unique and innovative business model, Breather has demonstrated a unique capacity to position itself among the leaders in a rapidly transforming industry through a focus on technology and an ongoing emphasis to optimize yield management through machine learning.
We look forward to leveraging our well-established global network in support of Breather’s expansion into new markets.”
Yi Ta Chng, CEO of Business Community Development at Ascendas-Singbridge, a global investment company headquartered in Singapore, said, “Businesses in Asia and worldwide increasingly seek out real estate options with more flexibility than traditional leases and other long-term commitments.
“We see how Breather’s innovative approach to ‘space-as-a-service’ is solving a real need in the market that other models like coworking have not and we look forward to supporting Breather in bringing that future to reality.”
To date, Breather has raised nearly $120 million and has locations in more than 300 buildings across 10 cities and more than half a million square feet worldwide.