JustCo posts $99m in FY22 revenue, cuts operational losses by 55.3%

Photo credit: JustCo

JustCo, a Singapore-based co-working space provider, reported an almost 25% increase in revenue for FY2022, reaching US$99 million, as per regulatory filings on VentureCap Insights.

Membership fees continue to be the largest revenue source for JustCo, contributing US$86 million in the period. Revenue from ancillary services grew 42% to US$9.6 million.

The increase in revenue helped JustCo bring down its operational losses by 55.3% to US$16 million.

Expenses it incurs from sales commissions rose by nearly 26% to US$2.6 million, while other expenses increased by 4%. On the other hand, depreciation and amortization costs decreased by 5%.

Tech in Asia has reached out to JustCo for comment on the financial statements.

Founded in 2011, JustCo offers flexible workspace solutions to businesses and individuals. It operates shared office spaces and provides amenities such as workstations, meeting rooms, event spaces, and common areas.

VentureCap Insights pegs the startup’s valuation at just north of US$1 billion.

In 2021, JustCo faced legal setbacks when it lost a lawsuit filed by cybersecurity software company Dathena Science. The lawsuit stemmed from JustCo’s failure to deliver units on four floors of the OCBC Center East building in Raffles Place on time, a breach of the agreement made between the two firms in January 2020.

The company also explored an initial public offering in the US last year through a merger with a blank-check company. However, the deal did not go through due to unfavorable market conditions.

See also: Is JustCo Southeast Asia’s co-working unicorn?