Fastest growing industry-focused co-working space in Hong Kong, Campfire.work, raises 6M USD in seed round
For immediate release, Hong Kong, 22nd March ’17 – After just 1 year of offering co-working spaces in 2 centers in Hong Kong, Campfire Collaborative Spaces has secured $6M USD in their seed round of financing.
Along with this announcement, Campfire will open another 3 co-working sites by Q217 and have also confirmed 2 co-living sites in being the fastest growing player in the industry. By end 2017, Campfire’s aggressive expansion will see it having the largest combined co-working floor space in Hong Kong.
Besides having convenient locations and sleek furnishings, what sets Campfire apart is that its centers are industry-focused. Its first space in Kennedy Town is based around the tech vertical and startups. The second location in Wong Chuk Hang is geared towards high fashion and is house to many upcoming labels. This approach will also be applied to the next three centers, which are opening by July this year. In a crowded co-working arena, Campfire’s offering is well received by tenants and investors alike.
“Campfire was conceptualized as a place where like-minded entrepreneurs can gather to share their experiences and work together, “ says Albert Fung, Co-Founder, and Director of Campfire. “Being industry-focused, our centers stand out in allowing for more relevant networking opportunities, events, and collaborations.”
In addition, Campfire prides itself on being a truly flexible co-working space. Online businesses never sleep and neither do their business owners, hence Campfire is open 24/7 for members to work as and when needed. To allow for rapid scaling, Campfire has even renovated segments of its centers to accommodate for burgeoning tenants.
“Our goal is to help business people to achieve their passions through hard work and perseverance. We understand that finding office spaces in Hong Kong can be tough and a time-consuming process,” says Wang Tse, Co-founder, and Director of Campfire. “At Campfire, we cater a unique, reliable and flexible co-working space as an easy solution for any office needs.”
While co-working seems to be a simple business, there is a high-barrier entry with plenty of competition. Start up cost is extremely high and spaces are hard to find (only an estimated 2% office vacancy in Hong Kong) – hence the need for co-working spaces. Despite that, there are almost 120 co-working spaces in operation today.
The business was co-founded by three visionaries (Albert Fung, Wang Tse, and Brian Fung) who all saw the potential of co-working in urban cities like Hong Kong. Various experienced angel investors from the real estate industry provided this round of funding,
It requires the right combination of technology, talent, experience and opportunity to create Campfire and keep it going. After 10 years in private wealth, Albert linked up with serial real estate entrepreneurs, Wang and Brian, to utilize their natural synergy in coming up with a co-working business that investors can get behind.
“A low-interest rate environment in Asia has resulted in many investors looking for good risk-adjusted returns. Campfire has been able to raise money from investors by offering them the opportunity to obtain above average yields with no downside really,” says Brian Fung, Co-founder, and Director of Campfire.
Not resting on their laurels, Campfire will continue to move at break-neck speed. Given the capital-intensive nature of the business, Campfire is looking at raising more money in order to launch more differentiated industry-focused centers to help more businesses in Hong Kong and Asia scale rapidly.
Media contact: Peter Yu Head of Marketing Campfire Collaborative Spaces peter.yu (at) campfire.work
Additional Information: Campfire (Kennedy Town) 4/F, Cheung Hing Industrial Building, 12P Smithfield, Kennedy Town Hong Kong
Campfire (Wong Chuk Hang) 5/F, Remex Centre, 42 Wong Chuk Hang Road, Hong Kong
Albert Fung is a Co-Founder and a Director of Campfire Collaborative Spaces. Through strategic investments and acquisitions, Albert has been re-imaging ways that property in Hong Kong can be refocused for multi-functional uses. He currently oversees all financing and expansions at Campfire.
Wang Tse is a Co-Founder and a Director of Campfire Collaborative Spaces. Being an entrepreneur at an early age, he has established himself within various industries such as property, jewelry, and F&B. He currently oversees the overall creative and strategic expansion of Campfire.
Brian Fung is a Co-Founder and a Director of Campfire Collaborative Spaces. Being a highly experienced professional in property development and construction management, he is in charge of property development and location forecasting at Campfire.