CommonGrounds Workplace raises $100 million in Series A funding to support accelerated U.S. growth plan
CommonGrounds Workplace, an enterprise-grade, human-centric Workplace-as-a-Service (WaaS) company that collaborates with asset owners to deliver WaaS to customers in multiple U.S. cities, has secured $100 million in Series A funding to support the company’s aggressive growth initiative.
The capital raise was orchestrated by Pacifica Enterprises, Inc., a San Diego-based real estate investment firm that provided the initial seed money for the company. Additional funding was led by The Davidson Group, formerly Davidson and Associates, a leading developer of educational and entertainment software based in Torrance, Calif., and Mohamed Alabbar, founder and Chairman of Emaar, one of the largest real estate development companies in the world, based in Dubai, United Arab Emirates.
“We are bringing the CommonGrounds Workplace-as-a-Service tailored solutions for small – to – medium sized businesses and the Fortune 1500 in 20 to 30 new locations with the initial Series A funding,” said Jacob Bates, chief executive officer for CommonGrounds. “The financial commitment made by Pacifica Enterprises, Inc., The Davidson Group, and Mohamed Alabbar is a strong endorsement of our business model of working with asset owners and of our enterprise-enabled product offerings, and we appreciate their support of our vision.”
CommonGrounds will expand its footprint into two million square feet across roughly 50 locations in the next 24 months. This includes nine sites that are actively under construction across the U.S. and are slated to open in 2019. Another 35 locations are in development in primary and secondary markets across the U.S., with openings scheduled for late 2019 and 2020.
CommonGrounds currently has locations open in San Diego, Denver, the Los Angeles area and San Jose. To date, total leases and management agreements under contract comprise approximately 260,000 square feet.
“CommonGrounds’ enterprise-grade workplace design fosters an enriched work-life environment engineered to help companies to attract and retain talent,” said Bates. “Our hackable environments allow us to create typologies of space that adapt to the business strategy, culture, brand and nature of work that talent demands. These tailored solutions have the look and feel of a company branded workplace. The result is a competitive advantage for the member companies and a gratifying, collaborative atmosphere in which their employees can thrive and contribute at a high level.”
