Knotel, a provider of agile workspaces, has closed a $60 million round of funding led by Norwest Venture Partners.
As part of the transaction, Norwest Managing Partner Jeff Crowe will take a seat on Knotel’s board.
The new round of financing brings Knotel’s total backing to $160 million. Existing investors, which include commercial brokerage Newmark Knight Frank and Bloomberg Beta, were also participating in the round.
Norwest, which has backed high-profile companies such as Opendoor, Uber, Spotify and Jet, will help accelerate Knotel’s rapid growth.
“Agile workspaces represent the next generation of corporate offices and Knotel is the clear leader of this movement,” said Jeff Crowe, Managing Partner at Norwest. “The Knotel team has the innovation and drive to transform the commercial real estate world towards this vision of flexibility, speed and transparency.”
“Knotel is just getting started. The journey transforming the immense global category of office will be all about team. Today we add a superstar,” said Amol Sarva, co-founder and CEO of Knotel. “Jeff and Norwest are masters of the daring voyage and share our vision to create agile workplaces that give companies the freedom to accomplish great things.”
The new funding comes as Knotel continues to expand.
The company operates nearly 100 locations in New York, San Francisco, London and Berlin, and has more than doubled its real estate footprint in the past six months to over 1.7 million square feet. The company is on track to exceed $100 million in revenue run rate by year end with mature locations operating at 90 percent occupancy.