JustCo Funding, Investors & Competitors

JustCo has raised $160M across 3 funding rounds, most recently a $74M strategic investment round in August 2021.

Last JustCo funding round

$74M

Strategic investment · Aug 2021

Cumulative funding JustCo raised

$160M

across 3 funding rounds

Key investors in JustCo

JustCo Overview

About JustCo

JustCo is a Singapore-headquartered operator of flexible coworking spaces across Asia Pacific, with locations in 11 cities including Sydney, Melbourne, Tokyo, and Manila. Launched in 2014, it equips workspaces with ergonomic furniture, high-speed internet, meeting rooms, and community events. The company caters to startups, SMEs, and enterprises through flexible memberships and enterprise solutions.


Founded

2011

HQ

SingaporeSingapore

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

JustCo Funding History

JustCo has raised a total of $160M across 3 funding rounds.

JustCo's first fundraising round was a $74M strategic investment round in November 2019. The most recent completed round was a $74M strategic investment round in August 2021.

JustCo funding rounds

JustCo funding rounds
DateStageInvestorsRaisedDeal Summary
Aug 2021Strategic investmentDaito Trust Construction (lead)$74MJustCo is a Singapore-based co-working space provider founded in 2011 that offers flexible coworking spaces, private office space, meeting rooms, and event space rental for freelancers and businesses. The company operated 40 co-working hubs across eight cities and was backed by Singapore sovereign wealth fund GIC and real estate group Frasers Property, achieving unicorn status with a valuation exceeding $1 billion. In November 2019, Japan-listed construction and real estate company Daito Trust Construction invested a combined $74 million in JustCo: $50 million in equity financing and $24 million into a joint venture called JustCo DK (Japan), where Daito Trust owned 51% and JustCo held 49%. This investment enabled JustCo to expand into the Japanese market, with plans to open its first center in Shibuya Hinkarie in January 2022. The fresh capital was allocated to fuel further expansion into the Asia Pacific region, with the company extending its presence to key markets including Australia, China, Indonesia, South Korea, Taiwan, and Thailand. As of December 2023, JustCo had raised a total of $148.4 million over six funding rounds from multiple investors including Frasers Property, GIC, Sansiri, and Daito Trust Construction.
Jan 2020Strategic investmentFrasers Centrepoint Tr (lead)$12M-
Nov 2019Strategic investmentDaito Trust Construction (lead)$74MJustCo is a Singapore-based co-working space provider offering premium workspaces, networking events, and strategic partnerships for customers from startups to large organizations, operating across 40 hubs in eight cities as of late 2019. It functions as a sister company to JustOffice under JustGroup. On November 28, 2019, Daito Trust Construction invested $50 million in equity financing into JustCo and committed an additional $24-25 million to a joint venture named JustCo DK (Japan), where Daito holds 51% and JustCo 49%, aimed at expanding flexible workspaces into Japan, including a planned facility in Shibuya Hikarie, Tokyo. This $74 million total commitment supported JustCo's Asia-Pacific expansion, particularly into Japan, aligning with Daito's strategy to enter the flexible workspace segment as part of its comprehensive leasing business. The investment followed a larger $177 million raise in May 2018 from Frasers Property and GIC for regional growth into markets like China, Japan, Vietnam, Malaysia, and the Philippines. Earlier, in late 2017, JustCo secured $12 million in Series B funding from Sansiri Global Investment at a $200 million valuation, granting Sansiri a 6% stake. Daito Trust's president highlighted the partnership as a step to bolster total lifestyle support services beyond core rental housing. Frasers Property later increased its stake to 22.2% via a secondary purchase of 12.4 million shares.

Who has invested in JustCo?

2 investors have backed JustCo across its funding rounds, including Daito Trust Construction and Frasers Centrepoint Tr.

Lead investors include Daito Trust Construction and Frasers Centrepoint Tr.


JustCo Investors

Investors in JustCo by funding rounds participated
InvestorHQRoundsRoleFirst check

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Investments by JustCo

JustCo has invested in 1 company to date.

Latest investment by JustCo was on February 15th 2021. JustCo invested in Ratio in their $10M Series A round.


Latest Investments by JustCo

Ratio
Description
Ratio is a robotic cafe chain deploying automated beverage dispensers in urban locations. Chicago-headquartered, it serves coffee, teas, and cocktails via touchless kiosks using proprietary robotics for precision pouring. The system integrates inventory tracking and mobile ordering through its app. Ratio operates outlets in high-traffic areas like airports and offices. Launched in 2020, it focuses on contactless service.
HQ CountrySingapore
HQ City
Singapore
Deal Date15 Feb 2021
RoundSeries A
Raised$10M
InvestorsFrasers Centrepoint Tr; zVentures
Valuationundisclosed
EV/Revenue
EV/EBITDA

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JustCo Competitors

JustCo competitors include listed companies like FirstService and Legence, and private ones like Oru Space, Sugar, Stories and VEL.

Public and private companies comparable to JustCo
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Oru SpaceUnited KingdomLondonPrivate--$49M-
SugarUnited StatesLos Angeles, CAPrivate--$18M-
StoriesNetherlandsAmsterdamPrivate--$13M-
VELUnited StatesFernandina Beach, FLPrivate--$11M-
FirstServiceCanadaCanadaPublicly listed$5.5B$525M$5.8B1.4x
LegenceUnited StatesUnited StatesPublicly listed$2.6B$156M$4.2B1.3x

JustCo Public Comps

JustCo is still privately-owned, but its public comps include FirstService, Legence, WillScot, Carmila, IWG, Grupo GPS, Tasmea, Shoucheng Holdings, Wework India Management and Dexterra Group.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
FirstService$5.5B$525M1.4x1.4x14.7x13.3x
Legence$2.6B$156M2.2x1.3x35.1x11.0x
WillScot$2.3B$606M3.1x3.1x11.7x7.6x
Carmila$626M$327M8.9x10.8x17.0x13.7x
IWG$3.8B$487M2.6x2.5x20.1x16.9x
Grupo GPS$3.4B$436M0.7x0.7x5.3x6.4x
Tasmea$920M$99M2.1x1.7x19.4x16.5x
Shoucheng Holdings$183M$79M5.8x5.8x13.4x9.1x

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Common questions about JustCo

When was JustCo founded?JustCo was founded in 2011.
Where is JustCo headquartered?JustCo is headquartered in Singapore, Singapore.
Is JustCo publicly listed?No, JustCo is a private, VC-backed company.
How much funding has JustCo raised?JustCo has raised $160M across 3 funding rounds.
What was JustCo's last funding round?JustCo's last funding round was a $74M strategic investment round in August 2021, led by Daito Trust Construction.
Who are JustCo's investors?JustCo's investors include Daito Trust Construction and Frasers Centrepoint Tr.
Which companies are comparable to JustCo?Companies comparable to JustCo include Oru Space, Sugar, Stories, VEL, FirstService and Legence.
How many companies has JustCo invested in?JustCo has invested in 1 company, including Ratio.
What was JustCo's last investment?In February 2021, JustCo invested in Ratio's $10M Series A alongside Frasers Centrepoint Tr and zVentures.

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