Iconic London-based coworking company Second Home, founded in 2014 and backed by major investors including Index Ventures and Atomico, has filed for administration following years of financial struggles. Despite raising over £60m and achieving a £130m valuation in 2019, the company saw revenues drop from £9.8m to £6.6m between 2019-2021, with losses reaching £13m in 2021.

The company underwent a rescue deal in 2022 led by Silicon Valley billionaire Riaz Valani, but continued to face challenges, closing multiple locations in early 2024.

Sifted shares how Second Home have sold a majority stake to LA-based investor Riaz Valani for £7.8M (≈$8.6M), signalling a huge drop from the pioneering network’s previous £130M (≈$142M) valuation.

The move wipes out the firms prolific angel investors’ stakes, but does allow the brand to keep lights on and serving members for the near future.

Harry Wilson-Hallberg shares that 500 new spaces have joined FlowSpace, bringing the total number of spaces to 1000.

This spike includes partnerships with The Office Group, Techspace, D&D restaurants, Second Home, Curzon Cinemas and several high-end event space providers including The Standard Hotel, Camm + Hooper and The Boathouse.