Workbox, a Chicago-based national workspace operator, announced it raised $17.5 million in its Series A equity round with a follow-on option to secure an additional $5.5 million. Led by Chicago Atlantic, this funding round will help Workbox accelerate its growth across the US. So far, Workbox has raised over $25 million in total capital ahead of its follow-on allocation.
With ten locations in five cities, Workbox is one of the fastest-growing operators in the nation. This month, it announced new locations in Chicago and Dallas. The additional funding provides significant liquidity to expand Workbox at a time when much of the sector remains heavily capital-constrained.
KEY QUOTES:
“The flexible office sector stands to be the single biggest driver of office space demand in this new era of work. We see the term ‘flexible office’ becoming synonymous with ‘office,’ a sentiment already validated through the growth in hybrid employment, employee flexibility, geographically fragmented workforces, double income households, and the rapid acceleration of small business formation.”
“Workbox has more than doubled its revenue annually since inception, but it took a capital partner with the ability to look beyond office market headlines to see the true size of our opportunity in this trillion-dollar sector. The current environment has opened a path for reimagining the workplace and realigning owner and operator interests in a sustainable way. Chicago Atlantic brings over $2.1 billion in AUM, investment experience in both private equity and credit, public markets experience through a NASDAQ-listed REIT, and a nuanced understanding of how operating structure and design affect industry successes and failures.”
- John Wallace, Co-Founder and CEO of Workbox
“Workbox has been quietly pioneering the industry in both customer acquisition and structure innovation since it began. We’ve been impressed by its hands-on approach to operations and management, a strategy we believe will sustain their growth and performance long-term. We are proud to utilize Workbox for our firm and to build on our partnership with this significant investment.”
- John Mazarakis, Founding Partner at Chicago Atlantic
