(Nov 28): JustCo Holdings, the Singapore-based co-working space start-up, is getting some US$50 million ($68.3 million) in investments from Daito Trust Construction Co, the Japan-listed building and property firm.
In addition, Daito Trust will invest up to an additional JPY 2.65 billion ($33.1 million) to form a new Japan joint venture with JustCo to build and operate flexible workspace business in Japan which is seeing fast-growing demand in key cities such as Tokyo.
The JV called JustCo DK (Japan) Co will be 51% owned by Daito Trust and 49% owned by JustCo.
In a Thursday press release, Daito Trust says the JV will enable JustCo to expand its network into Japan and support its future growth.
Having received a US$177 million joint investment from Singapore’s sovereign wealth fund GIC and Frasers Property last May, JustCo has expanded its network to close to 40 centres in eight cities at present from 14 co-working centres in two cities.
Kong Wan Sing, JustCo's founder and CEO, says the start-up aims to operate more than 3 million square feet of co-working spaces by 2021.
