CommonGrounds Lands $100M In Funding To Fuel Aggressive Coworking Expansion
The company plans to use the funding to open between 20 and 30 new locations, CommonGrounds CEO Jacob Bates said.
Those openings will be part of a larger growth plan for the company to expand its footprint into 2M SF in roughly 50 locations in the next 24 months.
That total includes nine sites that are already under construction and are slated to open in 2019. Another 35 locations are in development in primary and secondary markets in the U.S., with openings in late 2019 and 2020.
CommonGrounds' currently open locations are in San Diego, Denver, the Los Angeles area and San Jose. Thus far, the company's total leases and management agreements under contract total about 260K SF.
Pacifica Enterprises, a San Diego-based real estate investment firm that provided the seed money for the company, facilitated the Series A capital raise.
Additional funding was provided by the Davidson Group, formerly Davidson & Associates, a developer of educational and entertainment software based in Torrance, California, and Mohamed Alabbar, founder and chairman of Dubai-based Emaar Properties, one of the largest real estate development companies in the world.