News Article CEE coworking funding Hungary investment New Work
by Property Forum | Report

New Work, a CEE-based flexible office space provider, launches its Series C capital increase. Its business focus will be on the development of services that address the challenges of the COVID-19 pandemic.

“We just closed a Series B capital increase with a total of €2.1 million beginning of April. This gave us enough headroom to be prepared for the challenges due to COVID-19. Now as we see significant opportunities for accelerating our market presence, we will take the chance and increase our equity by raising additional €15 million as Series C capital increase. The further growth is significant, we will double the number of locations by the end of the year in Poland, followed by Hungary and the Czech Republic. It´s based on the demand from clients for flex office solutions due to the recession which is in front of us,” says Hubert Abt, New Work's founder and CEO.

“Post COVID-19, flexible offices will constitute as much as 30% of all office space available in Central and Eastern Europe. Before the crisis, this figure stood at only 3-5% according to our market update published in April. Some players such as Regus indicate a market share up to 70 % in the near future,” he adds.