Discussions Β» π¬π§ OG coworking chain files for administration (π Visit source)
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 Β£60m and achieving a Β£130m valuation in 2019, the company saw revenues drop from Β£9.8m to Β£6.6m between 2019-2021, with losses reaching Β£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.
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