Korean co-working startup Sparkplus raises $25.2m in series B round

South Korean co-working space operator Sparkplus has raised 30 billion won (US$25.2 million) in a series B funding round.

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Aju Hotels & Resorts, local real estate firm Koramco, venture capital firm STIC Ventures, Intervest, SME-focused investment company Aju IB Investment, and Wooshin Venture Investment participated in the round.

Sparkplus was founded in 2016, opening its first co-working space in Yeoksam in southern Seoul. It now has 12 locations across the capital, covering eight in the Gangnam and Gwangwhamun areas.

The company claims a 95% occupancy in its 12 locations. With two more locations set to open in the future, Sparkplus said its operations cover 36,300 square meters of space, with 8,500 seats. It plans to expand to 40 branches in major districts in Seoul by 2021.

Sparkplus secured 20 billion won (US$16.8 million) in a series A round in 2018 from local investors.

See also: After the WeWork IPOcalypse, Southeast Asia’s co-working spaces spot an opening

Elsewhere in Asia, Singapore-based JustCo last month bagged US$74 million as it enters Japan via a local joint venture. It said recently that it aims to expand its Asia-Pacific presence to 40 centers, inlcuding a new location in its home country and another in Seoul.

In China, local WeWork rivals Kr Space and Ucommune are both planning to go public this year. Kr Space, with US$400 million in funding, is reportedly in talks with WeWork to acquire all of its co-working offices in China. The US-based company, however, maintained that it remains committed to its members in China for the long term.

Currency converted from South Korean won to US dollar: US$1 = 1,192.57 won.