FastFive

South Korean coworking and flex space operator.

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πŸ‡°πŸ‡· Investor seeks exit of largest South Korean operator

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.

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πŸ“ Key Info

Founded in 2015. Raised €10M in 2017. Rapidly expanded to valuation around €220M. Postponed IPO in 2020.

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