Raffles Family Office leads $25m investment in co-working firm WorkTech

Hong Kong-based Raffles Family Office, a multi-family office and independent asset manager, announced it will pour US$15 million in local co-working space operator WorkTech at a valuation of US$100 million.

The investment comes as part of WorkTech’s oversubscribed US$25 million round of funding, which also included participation from Click Ventures, it said in a statement.

Photo credit: al ghazali / Unsplash

According to a separate release from Raffles, the startup plans to use the new funds to fuel and accelerate its expansion plans in Southeast Asia, particularly in Vietnam, Cambodia, Thailand, and the Philippines.

“This investment will help to bring our vision to reality, the building of an ecosystem of partners within the wealth and asset management industry,” said Raffles Family Office founder and CEO Kwan Chi Man. “Additionally, it will allow us to bolster our service offerings to the family offices we currently serve across the region.”

In addition, WorkTech also said it entered into a memorandum of understanding with Malaysian IT service provider Mindtell Technology to form a joint venture in Malaysia. The two companies plan to work together on operating co-working and co-living spaces, as well as data centers locally as part of WorkTech’s push into Southeast Asia.

Founded in 2013, WorkTech is one of the biggest co-working space brands in Hong Kong, with a total gross floor area of over 400,000 square feet and more than 500,000 square feet globally.

It focuses on building hubs for different industries, especially emerging ones, such as blockchain, community banks, and technologies. Each WorkTech location is also customized according to local industry trends and communities.

The company’s Singapore location serves as a wealth management hub, while its operations in Taipei specializes in startups and fintech.

“We are now developing ecosystems for subsector in finance such as fintech, and Raffles Family Office’s strong influence and connections in that sector will be of great importance,” said WorkTech founder and chairman Michael Wong.

Raffles Family Office provides asset protection and wealth management solutions to ultra high-net-worth individuals and families across generations. It partners with leading private banks, insurance companies, international brokers and independent fund, and securities houses to offer a one-stop family office solution.

Update (January 30, 2:55 pm): This article was updated to include additional details from a separate statement released by WorkTech.