Worq secures pre-series B, aims to expand profitability

Worq, a Malaysian co-working space provider, has successfully closed its pre-series B funding round.

• Who's Got Their Back: A host of 14 backers have shown their faith in the company, with global financial powerhouse Phillip Capital Management leading the charge. This third investment by Phillip Capital underlines their ongoing confidence in Worq's mission. Mah Sing Group has also joined the squad.

• Funding Details: Kept under wraps.

• What's Next for Worq: Expect expansive growth, novel locations, and an influx of lively office spaces.

• Background: Founded in 2015, Worq now proudly owns nine locations across Malaysia. Freelancers can opt for hot desks, corporations can enjoy private offices, event planners have access to dynamic spaces, and commitment-averse individuals can go for day passes.

• Future Goals: The company's growth plan stays aggressive, with ambitions to double its space by end of 2023 and reach a staggering 3,000,000 square feet by 2030.

• Profitability: As of 2023, Worq's revenue has surged by 80%, positioning the company not just in the profitable zone, but comfortably so. Impressively, net profit margins have nestled in the mid-teens.

A significant shift has been observed in the demand for flexible office spaces, with corporate clients now accounting for 70% of the demand, a substantial leap from the pre-pandemic figure of 20%.