Letswork raises $2.1 million Seed, expands to Saudi Arabia
- Dubai-based marketplace for shared spaces Letswork has raised a $2.1 million Seed round, announcing the expansion of its operations to Saudi Arabia.
- The latest round of financing saw participation from 500 Global, The Space, DTEC Ventures and other angel investors.
- Founded in 2019 by Omar Almheiri and Hamza Khan, Letswork enables users to rent out co-working offices from its network of cafes, hotels and shared spaces.
- The startup plans to use the proceeds to expand its SaaS offering to venues, recruit talent as well as grow its network of workspaces over the next 12 months.
- Earlier this year, Letswork recently raised an undisclosed sum from Silicon Valley-based 500 Global, Saudi Arabia-based Sanabil Investments and other angel investors.
Letswork, the Dubai-based subscription service and marketplace for on-demand workspaces, announced today it has raised a $2.1 million seed round. It is also soft launching in Riyadh, bringing its total markets to five, along with Portugal, Spain and Bahrain. Participants in the round included 500 Global, The Space, DTEC Ventures and other notable angel investors.
The startup was founded in 2019 by Omar Almheiri and Hamza Khan. Letswork offers its app directly to consumers, as well as companies that operate on a hybrid or remote model. Users can sign up for its flagship offering, the Letswork Pass, a subscription that gives them access to a distributed network of workspaces at coworking spaces, hotels and cafés. Users can also rent meeting rooms, private offices and creative studios by the hour or day, giving these venues additional streams of revenue.
To launch in Saudi Arabia, Letswork has received strategic investment from The Space, the country's largest coworking space operator, as well as notable angels including celebrity TV personality, Ahmed Al Shugairi.
“Saudi Arabia is the largest market in the Middle East and Riyadh is one of the first markets where Dubai-based companies expand into, hence many of our existing corporate clients were requesting the ability to use Letswork there," said Hamza Khan, co-founder and CEO of Letswork.
“We first met the team in 2019 and have been impressed by their unique, asset-light approach to tackling the flexible workspace industry. We're delighted to join them on their journey as both brands expand across the region," said Omar Shaaban, CEO of The Space.
The fast growth proptech startup plans to expand its SaaS offering to venues, recruit top talent as well as rapidly expand its workspace network over the next 12 months.