WorkTech will use the new funds to expand its operations across Southeast Asia, including in Vietnam, Cambodia, Thailand and the Philippines.
Hong Kong-based multi-family office and asset manager Raffles Family Office is investing $15 million in WorkTech, a co-working space operator based in the special administrative region, at a valuation of $100 million, the firm announced in a statement on Wednesday.
WorkTech is already one of the largest operators of co-working spaces in Hong Kong, with a total gross floor area of over 400,000 sq. ft, and over 500,000 sq. ft globally.
It is now developing ecosystems at its properties for finance subsectors such as fintech, the statement said. For example, its space in Singapore serves as a wealth management hub; whereas its Taipei location specializes in start-ups and fintech.
Singapore Expansion
Raffles has experienced strong growth in recent years. In September, it opened an office in Taiwan, led by Taipei-based executive director Martin Chen and co-founder and managing partner Ray Tam. In October, it formed a China onshore joint venture with wealth management fintech iFast. In December, the firm announced an expansion of its Singapore operations, its regional headquarters.
Commenting on its Singapore expansion, managing partner Kendrick Lee said the new office's «geographic proximity to key markets will form a strong foundation and set us on track to be the biggest IAM/EAM and MFO in Asia, by the end of 2020.»
In an interview with finews.asia in June 2019, Raffles Family Office said that it had $2 billion in assets under management and would target to grow this to $10 billion by January 2020 through the acquisition of smaller asset managers in Hong Kong and Singapore.
