Fastfive, the first mover among co-working office firms in Korea, banked US$33.1 million in a series D round. Total funding to date is US$62.8 million. Investors who participated in this round are SBI Investment, Atinum Investment, KB Investment, IMM Investment, Premier Partners, Shinhan Bank and Hana Ventures.
The company boasts 18 branches and 12,000 occupants, making it the number one shared office firm in Korea based on the number of offices and occupancy rate. Currently its vacancy rate is only 3% across the branches.
The shared office market in Korea is growing over 60% YoY and is estimated to hit US$653.2 million by 2022. As of September 2018, there were 57 co-working space firms in Korea, with 192 offices and 423k square-feet. Singapore-based JustCo opened 2 outlets in Seoul recently.
Fastfive will use the proceeds to expand its business model from co-working office to comprehensive real estate firm. In May 2019, the company has launched a residential project Life, a fully furnished studio with common facilities such as rooftop lounge and fitness center. It will set up a fund with asset management firms to buy buildings for Fastfive to lease and operate.