Hubble, the online platform for flexible office space, has secured £4 million in Series A financing from a group of industry-leading investors, spearheaded by JLL Spark Global Venture Fund.
The London headquartered platform was founded in 2014 and is now one of the UK’s fastest growing technology companies, placing a business in a new office every three hours.
It lists over 5,000 offices on its website, covering the whole flexible office market, and the latest investment takes its fundraising total to £6.4 million over three funding rounds.
This marks the first European investment for JLL Spark, the Silicon Valley-based venture capital arm of JLL.
Other investors include Downing Ventures and the Directors of M7 Real Estate (owners of commercial property management and data software Coyote). Starwood Capital (via proptech fund Concrete), an existing investor, also increased its stake significantly.
Hubble has previously been backed by some of the biggest names in the UK tech scene, including former Dragon (BBC Dragon’s Den) James Caan, Streetcar (now Zipcar) Founder Brett Akker and counts former technology advisor to the Prime Minister Rohan Silva as Co-founder.
The fresh round of funding will be used to invest further into Hubble’s technology platform, evolving its proposition to attract medium-sized businesses (of 50 people or more) as demand for flexible office space from larger businesses soars.
Tushar Agarwal, CEO and co-founder of Hubble, comments: “Since launching four years ago, we’ve built an unrivalled technology platform that addresses the overwhelming need for finding and renting flexible office space, easily.
“When we started, our average client was a five person startup needing desks in a co-working space for a few months. Now, we are frequently helping businesses with 50 staff or large multinationals renting space for a year or more.
“The traditional lease market with its 10 year terms and significant upfront costs is no longer fit for purpose. Businesses want to be able to move in, or out, of an office in a matter of days and we’re able to help them do that.
“The fact that some of the world’s most renowned real estate companies have partnered with us in this funding round is testament to the strength of our offering. We’re looking forward to working with them to achieve our ambition of being the world’s largest platform for flexible office space.”
To support its growth trajectory, Hubble has launched its biggest recruitment drive so far, hiring one new team member a week over the past 15 weeks The technology team doubled in size, with software developers, product managers and data scientists all joining.