Editor's Note: This story was originally published in the Austin Business Journal. Click here to read the full story.
Swivel Inc. — an Austin-based startup making it simpler for companies to lease move-in ready, short-term office space — is preparing to bring its leasing platform to at least eight more metros by the end of the year.
This expansion will be fueled by an $8 million series A funding, announced Feb. 18 and led by Jim Breyer of Breyer Capital, which contributed $5 million. JLL Spark, a strategic global venture fund and division of Jones Lang LaSalle Inc., also participated, contributing $3 million.
Swivel founder Scott Harmon said the funding round was oversubscribed; it limited this round to two investors so Breyer Capital and JLL Spark could obtain a “good share” of the company. He did not disclose how much equity the entities would receive of Swivel.
“The future of real estate will continue to be defined by the demand for flexibility,” said Jim Breyer, founder and CEO of Breyer Capital. “Swivel is positioned to redefine the entire office leasing experience for startups and established companies alike by eliminating upfront costs and move-out penalties. Swivel brings an innovative fintech-based approach that allows landlords to streamline leasing through terms that deliver the value of flexibility to tenants, as well as their investors.”
In Austin's highly competitive office market, Swivel provides an alternative to startups that have opted out of coworking space but want the same flexibility. Swivel outfits space with everything tenants need including furniture, artwork and snacks in the kitchen. And, most of the leasing process can be done online.
Swivel launched earlier this year in Austin, Dallas/Fort Worth, Houston and San Antonio.
Harmon said the platform will launch in Denver on March 1. The company has the ambitious goal of launching the platform by the end of the year in Boston, New York City, Northern Virginia, Charlotte, Los Angeles, San Francisco and Salt Lake City.
Read the rest of the story in the Austin Business Journal.
Read Inno's 2018 profile of Swivel's launch here.
