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- Industrious
Industrious Acquisition, Valuation, Funding & Investors
Industrious was acquired by CBRE for $667M in January 2025.
Cumulative funding Industrious raised
$422M
across 5 funding rounds
Key investors in Industrious
Riverwood Capital
Fifth Wall
Wells Fargo Strategic Capital
Outlook Ventures
CPP Investments
Red Swan Ventures
Reshape Ventures
TF Cornerstone
About Industrious
Industrious is a New York-headquartered premium coworking provider operating flexible office spaces in major U.S. cities including Chicago, Los Angeles, and Austin. The platform delivers private offices, dedicated desks, and meeting rooms with hotel-like amenities such as onsite cafes and event programming. It serves enterprises like WeWork alternatives for remote teams from companies including Salesforce and Pfizer. Expanded to over 50 locations totaling 3 million square feet by 2023, Industrious launched in 2013 and raised $250 million in Series D funding.
Founded
2013
HQ
Website
Status
Acquired
Customer focus
B2B
Revenue model
Subscription
Valuation
$571M (Feb 2021)
Sectors
Industrious Acquisition
Industrious was acquired by CBRE for $667M on 14 January 2025.
Before the acquisition Industrious had raised $422M across 5 funding rounds.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 14 Jan 2025 | Strategic M&A | $667M |
Industrious Valuation
Industrious is currently valued at $571M, based on its strategic investment round in February 2021.
Industrious valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Feb 2021 | Strategic investment | $571M |
Industrious Funding History
Industrious has raised a total of $422M across 5 funding rounds.
Industrious' first fundraising round was a $37M Series B in September 2016. The most recent completed round was a $200M strategic investment round in February 2021.
Industrious funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Feb 2021 | Strategic investment | - | $200M | $571M | Industrious is a New York-based co-working startup founded in 2013, offering flexible office spaces and workplace solutions. This round followed a Series D raise of $80 million in August 2019 aimed at accelerating asset-light growth through landlord partnerships and network expansion. The funds were intended to support business expansion, product development, market penetration, and operational scaling amid challenges in the co-working sector. By early 2025, Industrious had raised a total of approximately $522 million from investors including Riverwood Capital and Fifth Wall Ventures. The company grew significantly, with Riverwood reporting 24x growth during its investment period starting from September 2016. In January 2025, CBRE acquired the remaining equity stake in Industrious for about $400 million, implying an enterprise valuation of over $800 million, after holding roughly 40% since late 2020 via equity and a $100 million convertible note. This marked a notable recovery compared to competitor WeWork's bankruptcy in 2023. Post-acquisition, Industrious leadership transitioned to head CBRE's new Building Operations & Experience segment, expected to boost 2025 EBITDA and cash flow. |
| Aug 2019 | Series D | Riverwood Capital; Wells Fargo Strategic Capital; Granite Properties; CPP Investments; Fifth Wall; Equinox Fitness; TF Cornerstone | $80M | - | Industrious, the largest premium flexible workspace provider in the U.S., closed an $80 million Series D funding round on August 22, 2019, from investors including CPP Investments, Equinox Fitness, Fifth Wall, Granite Properties, Riverwood Capital, TF Cornerstone, and Wells Fargo Strategic Capital. The round brought total funding to $222 million and focused on accelerating asset-light growth through strategic landlord partnerships, aiming to double the network size and support international expansion. The company shifted from traditional leases to low-risk management partnerships with landlords, expecting these to form the majority of its portfolio by 2020 and projecting profitability in Q1 2020. It also acquired coworking companies Assemble and TechSpace. Key metrics included 90% average occupancy for mature units, 10-month average time to maturity, less than 1% net churn, NPS score of 74, and revenue per workstation over 25% higher than the largest competitor. The funding supported scaling operations amid competition from WeWork, with Industrious emphasizing superior unit performance and customer satisfaction. Later developments included a February 2021 valuation of $571.42-$600M and acquisition by CBRE for $400M in January 2025, but these postdate the 2019 round. |
| Feb 2018 | Series C | Fifth Wall (lead); Riverwood Capital (lead); Red Swan Ventures; Rabina; Outlook Ventures; Wells Fargo Strategic Capital; Schechter Private Capital; Reshape Ventures | $80M | - | Industrious, a New York-based premium coworking and workplace platform founded in 2013, closed an $80 million Series C funding round on February 27, 2018, co-led by Riverwood Capital and Fifth Wall Ventures, with participation from Outlook Ventures (Outlook Development Group), Rabina Properties, Schechter Private Capital, Wells Fargo Strategic Capital, and others including Alrai Capital and Sandy Cass (possibly related to Alrai). The round brought total funding to approximately $142 million to $156 million across prior rounds, including a $37 million Series B in 2016 and $25 million extension in 2017, both led by Riverwood. Funds were earmarked for accelerating geographic expansion to 50-60 locations by year-end from 35 open or imminent across 25 cities, hiring to grow staff from 135 to 210, enhancing product offerings like workplace technologies and data-driven design, and supporting asset-light growth via landlord partnerships that split revenues and profits. Positioned as a premium alternative to WeWork targeting enterprise clients such as Chipotle, Full Screen, Hyatt, and Instacart, Industrious emphasizes collaborative, flexible, multi-functional office spaces with superior services, avoiding long-term leases in favor of hotel-style management agreements. The company had acquired PivotDesk (rebranded as Central) the prior year for short-term office rentals. One source noted 150% revenue growth over the prior three years. The investment aligned with a booming coworking market amid workplace transformation trends, with Fifth Wall—managing $250 million and backed by major real estate firms like CBRE, Prologis, and Lennar—focusing on proptech to optimize commercial office space utilization. Riverwood highlighted Industrious's exponential growth since their 2016 entry. |
| Mar 2017 | Series B | Riverwood Capital (lead) | $25M | - | Industrious, a premium coworking and workspace provider founded in 2013, raised $25 million in a Series B follow-on round on March 28, 2017, led by Riverwood Capital with participation from existing investors Outlook Development Capital and Maple Woodward Capital. This brought the company's total funding to $76 million. The round coincided with the acquisition of PivotDesk, an online marketplace connecting companies needing office space with those having excess capacity; PivotDesk operates as a subsidiary, with most of its team retained. The capital supports expansion to over 30 locations by year-end 2017, including new markets like Manhattan, Pittsburgh, Charlotte, Denver, Dallas, Indianapolis, and San Francisco in 2018, building on 18 locations open or under construction. At the time, Industrious operated in 11 U.S. cities, served over 2,500 members including Spotify, Hyatt, Lyft, and Chipotle, and employed 65 people. The investment accelerates Industrious's growth amid intensifying competition in flexible workspaces from players like WeWork, Impact Hub, and Knotel. Riverwood Capital, which first invested in a $37 million round in September 2016, emphasized Industrious's leadership in high-end private offices and coworking for established small businesses and enterprises. The company reported sustaining 3x year-over-year revenue growth, reflecting strong demand for its hospitality-focused, premium spaces, though specific revenue figures were not disclosed. Post-acquisition plans include developing a sophisticated digital frontend using PivotDesk's technology to enhance customer experience in the flexible workplace industry. Industrious continued raising capital in subsequent rounds, including an $80 million Series C in February 2018 co-led by Riverwood Capital and Fifth Wall, during which it disclosed 150% revenue CAGR from 2015-2017. Riverwood remained an investor until at least 2021, with the firm noting 24x growth during its tenure. The company was later partially acquired by CBRE, culminating in a full acquisition at over $800 million valuation in January 2025, after a $571.4 million valuation in a February 2021 round. |
| Sep 2016 | Series B | Riverwood Capital (lead); Outlook Ventures; MapleWood Partners | $37M | - | Industrious is a premium co-working space provider offering flexible private offices and common areas in multiple U.S. cities, positioning itself as a competitor to WeWork with a focus on quality space for clients like Instacart and Pinterest. In September 2016, it raised $37 million in a Series B round led by Riverwood Capital, with participation from Outlook Ventures and Maplewood, bringing total funding to $51 million at that point. The funding was intended to support network expansion into new cities and additional locations in existing markets such as Atlanta, St. Louis, Brooklyn, Los Angeles, Minneapolis, Raleigh, Chicago, Austin, and Nashville, where it operated 12 locations. Riverwood Capital highlighted the investment as supporting business growth and operational expansion. Subsequent rounds included a $80 million Series C in February 2018 co-led by Riverwood Capital and Fifth Wall, with investors like Outlook and others, during which Industrious reported 150% revenue CAGR from 2015-2017 and aimed to expand to 50-60 locations. |
Who has invested in Industrious?
13 investors have backed Industrious across its funding rounds, including Riverwood Capital, Fifth Wall, Wells Fargo Strategic Capital, Outlook Ventures, CPP Investments and Red Swan Ventures.
Lead investors include Fifth Wall and Riverwood Capital.
Industrious Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 4 | Lead | Sep 2016 | ||
| 2 | Participant | Sep 2016 | ||
| 2 | Participant | Feb 2018 | ||
| 2 | Lead | Feb 2018 | ||
| 1 | Participant | Feb 2018 | ||
| 1 | Participant | Feb 2018 | ||
| 1 | Participant | Feb 2018 | ||
| 1 | Participant | Aug 2019 | ||
| 1 | Participant | Aug 2019 | ||
| 1 | Participant | Aug 2019 | ||
| 1 | Participant | Aug 2019 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Industrious
Industrious has acquired 5 companies to date.
Last acquisition by Industrious was on May 9th 2022. Industrious acquired Welkin & Meraki for $100M.
Latest Acquisitions by Industrious
| Description | Welkin & Meraki is a Singapore-based provider of premium co-working spaces that include hot desks, private offices, dedicated desks, and virtual office solutions. The company operates multiple locations across the city-state, such as in Robertson Quay and Tanjong Pagar, catering to startups, freelancers, and corporations with high-speed internet, air-conditioned lounges, and fully furnished meeting rooms. Welkin & Meraki hosts networking events, workshops, and community gatherings to foster professional connections among members. Facilities feature 24/7 access, printing services, and kitchen amenities, supporting flexible memberships from daily passes to annual contracts. | The Great Room is a premium co-working operator blending hospitality with workspaces across Asia. Singapore-headquartered since 2016, it manages 12 locations in Singapore, Hong Kong, Bangkok, and Manila, featuring day suites, private offices, and event spaces inspired by luxury residential great rooms. The operator caters to professionals in finance, tech, and consulting, offering F&B services from partner cafes. It designs interiors with brass accents and timber panels for collaborative environments in Grade A buildings. | Aliso Viejo-headquartered TechSpace furnishes equipped office suites with private VLANs, redundant fiber internet up to 10 Gbps, VoIP telephony, and colocation hosting for tech firms. The facilities in Orange County, California, include 24/7 access, video surveillance, and professional reception services. TechSpace targets venture-backed companies and SMBs. Established in 1997, it operates data centers compliant with SOC 2 standards. | Assemble is a Chicago-based provider of flexible coworking spaces featuring private offices and conference rooms in a 13,000-square-foot loft. Designed by GREC Architects, the facility offers 24-hour access, free Wi-Fi, coffee, and discounted parking amid natural light and 14-foot ceilings. It caters to short- and long-term rentals overlooking the city skyline. | |
| HQ Country | |||||
| HQ City | Luxembourg | Singapore | Los Angeles, CA | Chicago, IL | |
| Deal Date | 9 May 2022 | 9 May 2022 | 2 May 2019 | 15 Aug 2018 | |
| Valuation | $100M | $100M | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Investments by Industrious
Industrious has invested in 1 company to date.
Latest investment by Industrious was on June 5th 2023. Industrious invested in NUVIEW in their $12M Series A round.
Latest Investments by Industrious
| Description | - |
| HQ Country | |
| HQ City | - |
| Deal Date | 5 Jun 2023 |
| Round | Series A |
| Raised | $12M |
| Investors | Liquid 2 Ventures; MaC Venture Capital; Florida Funders; Veto Capital; Leonardo DiCaprio |
| Valuation | undisclosed |
| EV/Revenue | |
| EV/EBITDA | |
This data is available for Pro users. Sign up to see all Industrious investments and their VC round multiples. Start Free Trial | |
Industrious Competitors
Industrious competitors include listed companies like Smartworks Coworking, Framery Group, Wework India Management and Servcorp, and private ones like WeWork China and 5Lmeet.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $187M | $121M | $620M | 5.2x | ||
| Publicly listed | $256M | $54M | $603M | 2.7x | ||
| Publicly listed | $254M | $165M | $989M | 5.4x | ||
| Private | $94M | - | $1B | 10.6x | ||
| Private | - | - | $435M | - | ||
| Publicly listed | $249M | $67M | $420M | 2.1x |
Industrious Public Comps
Industrious is no longer listed, but its public comps include Smartworks Coworking, Framery Group, Servcorp, Wework India Management, Awfis Space Solutions, WOTSO Flexspace, Dev Accelerator, One Experience, IWG and WillScot.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $187M | $121M | 5.9x | 5.2x | 9.2x | 30.0x | |||
| $256M | $54M | 2.7x | 2.7x | 12.7x | 10.2x | |||
| $249M | $67M | 2.2x | 2.1x | 8.2x | 3.6x | |||
| $254M | $165M | 6.0x | 5.4x | 9.3x | 8.3x | |||
| $156M | $62M | 2.2x | 2.0x | 5.6x | 5.4x | |||
| $35M | $13M | 4.6x | - | 12.0x | - | |||
| $24M | $11M | 2.8x | - | 5.8x | - | |||
| $5M | $106K | 1.6x | - | 77.5x | - | |||
This data is available for Pro users. Sign up to see all Industrious competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Industrious
| When was Industrious founded? | Industrious was founded in 2013. |
| Where is Industrious headquartered? | Industrious is headquartered in New York City, NY, United States. |
| Is Industrious publicly listed? | No, Industrious was acquired by CBRE in January 2025. |
| Who acquired Industrious? | Industrious was acquired by CBRE in January 2025. |
| How much was Industrious acquired for? | Industrious was acquired for $667M in January 2025. |
| What is Industrious' valuation? | Industrious was last valued at $571M in its strategic investment round in February 2021. |
| How much funding has Industrious raised? | Industrious has raised $422M across 5 funding rounds. |
| What was Industrious' last funding round? | Industrious' last funding round was a $200M strategic investment round in February 2021. |
| Who are Industrious' investors? | Industrious' investors include Riverwood Capital, Outlook Ventures, Wells Fargo Strategic Capital, Fifth Wall, Red Swan Ventures, Rabina, Schechter Private Capital, Granite Properties, CPP Investments, Equinox Fitness and 3 others. |
| Which companies are comparable to Industrious? | Companies comparable to Industrious include Smartworks Coworking, Framery Group, Wework India Management, WeWork China, 5Lmeet and Servcorp. |
| How many companies has Industrious acquired? | Industrious has acquired 5 companies, including Welkin & Meraki, The Great Room, TechSpace, Assemble and PivotDesk. |
| What was the largest acquisition by Industrious? | The $100M acquisition of Welkin & Meraki in May 2022 is the largest acquisition Industrious has made to date. |
| How many companies has Industrious invested in? | Industrious has invested in 1 company, including NUVIEW. |
| What was Industrious' last investment? | In June 2023, Industrious invested in NUVIEW's $12M Series A alongside Liquid 2 Ventures, MaC Venture Capital, Florida Funders and 2 other investors. |
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