Space-sharing startup SpacetoCo raises $2m for UK expansion
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The news: Space-sharing startup SpacetoCo has closed a $2 million investment round from Purpose Ventures, as it prepares to launch into the UK market next year.
The context: Perth-based SpacetoCo allows the public to access under-utilised spaces, aiming to increase usage and reduce the management administration burden.
With a focus on spaces and venues run by local councils and community centres, SpacetoCo has expanded to now include over 42% of WA metro local governments and 10% of councils across Australia.
The startup expanded into the New Zealand market in 2018 and aims to use the new funds to launch into the UK in 2025, having been accepted into the UK government’s global entrepreneurs program.
Purpose Ventures, a $50 million fund headquartered in Perth, was the lead investor in the equity round, marking the sixth investment for the fund.
What they said: "We are looking forward to having the Purpose Ventures team on board and working with them as we take SpacetoCo’s growth to the next level," SpacetoCo chief executive Daniel McCullen said.
"We are proud of the impact that we have had in Australia and NZ, unlocking access to under-utilised spaces and look forward to continuing our expansion into the UK in 2025."
Purpose Ventures managing director Derek Gerrard said: "The talented founding team have created a strong foothold in the Australian market, and we look forward to being part of their journey as they expand internationally".
The source: SpaceToCo media release
