Singapore-based co-working space operator Found8 announced that it would be closing its only location in Malaysia by the end of June.
Found8’s co-working space in Kuala Lumpur / Photo credit: Found8
Its KL Sentral location, which opened in the fourth quarter of 2019, was Found8’s first venture outside Singapore. However, within months of its operation, it had to bear the brunt of consecutive Covid-19 lockdowns in Malaysia.
In November 2020, it was reported that Found8 underwent a substantial restructuring exercise to survive the health crisis, including rental reliefs, more flexible membership plans, and even laying off half of its staff.
In a statement, the company said that despite its efforts, the co-working space could not recover from the impact of the pandemic and had to close shop.
The co-working sector in Malaysia has been hit especially hard by the country’s prolonged movement control orders – other co-working firms have either shut down or been driven into dire financial conditions.
Founded in 2012 by Michelle Young and Grace Sai, Found8 – which was initially known as The Hub Singapore – is one of the city-state’s oldest co-working spaces. The company now operates both as a co-working space provider and an innovation hub that typically targets startups and small-scale companies.
Editing by Miguel Cordon and Jaclyn Tiu
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