Participated · Series D · Aug 2019

Industrious is a flexible workspace provider that manages and operates flexible workspaces, large enterprise suites, and building-wide shared amenities through landlord partnerships. Its Workplace Experience platform pairs designed spaces with hospitality-driven services and amenities to offer a scalable solution for companies of all sizes. The company operates over 80 locations in more than 45 U.S. cities and has secured over 20 landlord partners, including Hines, EQ Office, Macerich and Jamestown LP. Through landlord partnerships Industrious provides landlords income approximately 30% above a market lease. The company plans to use new funding to expand its suite of landlord services, double its network both organically and through M&A, and support international expansion. Founded in 2013, Industrious expected to be profitable in Q1 2020. Industrious operates a premium coworking and workplace‑services business across some 35 locations in 25 U.S. cities. The company offers coworking space, private-branded entrances for larger clients, office design and workplace services. It is shifting away from capital‑intensive new leases toward partnerships with property managers to lower launch costs for new locations. Industrious is investing in a product suite and long‑term data infrastructure to collect and analyze how people use workspace. Management treats the business as a subscription model and reports overall net negative churn. Notable clients include Chipotle, Full Screen, Hyatt, and Instacart; the company has raised $142 million in total funding to date. Industrious operates a premium coworking business offering private offices, communal lounges, conference rooms and shared relaxation spaces. It targets larger, more established customers — from Spotify and Lyft to corporations like Hyatt — and serves teams of roughly 1 to 150 people in a building. The company has thousands of customers nationwide, earns a 30 percent margin, and is cash-flow positive. Industrious limits liability by buying shorter leases and sometimes simply operating buildings owned by others. It recently acquired PivotDesk, a digital flexible workplace platform, and plans to use new capital to open more locations beyond hubs in NYC, LA, Columbus and St. Louis. Founders Jamie Hodari and Justin Stewart emphasize customer service and inclusivity as core to the product. Industrious operates a premium co-working business offering flexible leases, private offices for one- to ten-person teams, and extensive common spaces. The company lists clients such as Instacart and Pinterest. Cofounded in 2013 by Jamie Hodari and Justin Stewart, Industrious currently has 12 locations across the country, including Atlanta, St. Louis, Brooklyn, Los Angeles, Minneapolis, Raleigh, Chicago, Austin, and Nashville. According to the company it has seen 5x year-over-year revenue growth. The latest funding is intended to support expansion into new cities and add additional locations in markets it already serves. Industrious focuses on high-quality physical space and service rather than the software-based offerings of some competitors.