Coworking Europe reports that the VC firm backing South Korea’s largest coworking operator FastFive is seeking to exit their investment following its ongoing IPO postponement.

ICYMI: The firm was founded in 2015, operates 53 locations, mostly in/around Seoul, and raised around €10M (at a €26M valuation) in 2017. Leveraging that investment they scaled rapidly and hit a valuation of almost 10x that (€220M) by 2020, with plans for an imminent IPO.

The investor (TS Investment) is looking to exit their 8% position, and it should be noted that FastFive is still missing profitability, showing a €3.3M loss last year. I’m sensing we may be a taker here, especially as we enter the year of the coworking rollup.