NEW YORK — Convene, the “workplace-as-a-service” platform that operates a network of on-demand meeting and event venues, has reached an agreement to raise $68 million in a Series C funding. The new round brings the company’s total funding to-date to $119.2 million.
Brookfield Property Partners, one of the largest commercial real estate companies with $65 billion and 142 premier office properties around the world, is co-leading the Series C funding round for Convene.
Convene’s other existing investors – ArrowMark Partners and Conversion Venture Capital – also participated. New investments include The Durst Organization and Elysium Management. Baird served as the exclusive financial advisor to Convene.
Since the company’s Series B round in 2016, Convene has more than doubled their commercial footprint and also celebrated the opening of full-service amenity floors within two of New York City’s iconic office buildings – One World Trade Center and Park Avenue Tower.
The company was founded in 2009 and based in New York. Convene currently serves NY, DC, Philadelphia and Boston with plans to expand to more cities.
The new round of funding will be used to accelerate the development of Convene’s three business lines:
- Convene Retail – The company’s branded network of on-demand meeting, conference, and event venues that serve its enterprise clients. Convene’s network will continue to expand into major cities across the country, and will evolve to also include flexible workspace solutions for companies and enterprise teams between 5 – 75 people.
- Convene Services – The company’s newest offering, Convene Services, partners with landlords to run office buildings more like full-service, “lifestyle” hotels. Amenity-rich floors that provide a premium hospitality experience are being developed within iconic office buildings in 2 new cities, with upcoming plans to also power the headquarters experience for major corporations.
- A mobile-first technology platform – Convene is also developing a proprietary, cloud-based, “smart-building” app for building employees, seamlessly connecting tenants to the building’s infrastructure, on-demand hospitality services, and community programming.
“The way we work has changed forever. The rise of co-working is just the first step in a major industry shift,” said Ryan Simonetti, CEO and Co-Founder of Convene. “The most progressive companies are looking for the next-generation of workplaces – ones that not only provide improved lease flexibility but also seamlessly integrate physical space, hospitality services, and on-demand technology into the overall experience. Landlords that have been disrupted by changing market preferences, initiated by the likes of WeWork, can now partner with Convene to enhance the way that an office building delivers the workday experience for tenants and their most coveted asset – their people.”