Spacious, the London property tech startup founded by Entrepreneur First alumni Tushar Agarwal and Tom Watson, together with ex-advisor to the British Prime Minister Rohan Silva, has closed £500,000 in seed funding. The round was led by Spire Ventures, the VC fund set up by Faisal Butt and ex-Dragon James Caan, while Spacious says the additional capital — its first external fundraise, not including involvement in the Entrepreneur First programme — will be used to boost engineering talent and further build out its platform.
Attempting to help solve the shortage and sometimes spiralling cost of office space for young companies in London, Spacious connects startups and other small businesses with those who have space to rent out, such as professional landlords offering co-working spaces and serviced offices, as well as other burgeoning companies with spare space to share.
In some regards, it can be considered simply as a classic online marketplace play, matching high demand with untapped capacity, with the least friction possible. However, it’s the company’s emphasis on understanding the specific needs of startups that makes it stand out from other property marketplaces.
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