LiquidSpace Raises $3.6 Million Series a Round of Venture Funding from Shasta Ventures and FloodGate
Investment Will Fuel National Expansion, New Hires, and Strategic Partnerships
Palo Alto, CA (PRWEB) May 10, 2011
LiquidSpace, the mobile application that helps anyone find a great space to work, today announced that the company has secured $3.6 million of new funding in a Series A round led by Shasta Ventures with follow-on participation from FloodGate. While the app is currently in a controlled beta in the San Francisco Bay Area, LiquidSpace will apply the new resources towards expanding the company’s presence nationally, commencing with a launch of the service and app in Q2 of 2011.
“LiquidSpace is uniquely positioned to offer the growing number of mobile workers access to a variety of public and private workspaces,” said Mark Gilbreath, Co-Founder and CEO of LiquidSpace. “Shasta is an ideal investment partner for us because of their ability to help us capitalize on future growth and strategic opportunities. Tod and his team understand this opportunity intimately, they have lived its ins and outs, and they have the relationships we need to accelerate our rollout.”
Tod Francis, Shasta’s Managing Director, will be joining the company’s board alongside Mike Maples of FloodGate Fund and LiquidSpace co-founders Mark Gilbreath, CEO, and Doug Marinaro, COO.
“There is a significant need among mobile workers and an expansive supply of underutilized office space. LiquidSpace has developed a mobile platform that addresses these consumer needs,” Tod Francis, Managing Director at Shasta Ventures, stated. “We truly believe in this market and product. LiquidSpace is intuitive and useful. They are establishing the right partnerships, and they are well-positioned to capitalize on the distinct need for great workspace on-the-go.”
This funding news comes against the backdrop of a continuing evolution within the workplace, supporting a new and extraordinarily large market opportunity. Increasingly, workers are leaving work to get work done. In fact, as of 2011, there are already over 1 billion mobile workers in the world, and 110 million in the U.S. alone according to a report by IDC. This growth is being fueled by the convergence of mobile technologies, an increasingly collaborative and distributed workforce and companies rethinking their real estate strategies in pursuit of economic and environmental sustainability.
This is the second time the company has formally raised venture capital since its founding in 2010. The company previously closed a $1.3 million seed round led by Reid Hoffman of the Greylock Discovery Fund and Mike Maples of FloodGate. LiquidSpace’s funding to-date totals $4.9 million.
The new monies from Shasta and FloodGate will assist LiquidSpace with ambitious plans for continued growth and new hires. To date, LiquidSpace has officially launched four workspaces within the Bay Area: RocketSpace, NextSpace, and Pacific Business Centers in San Mateo and San Francisco.
LiquidSpace is actively seeking relationships with major corporations, venues and hospitality providers that can help support mobile workers locally and nationally. LiquidSpace is partnered with Turnstone, a division of the world’s largest office furniture manufacturer, Steelcase. Turnstone is looking for new ways of supporting the workspace needs of emerging companies. According to General Manager, Kevin Kuske, “Turnstone believes everyone has the right to a smart workplace, no matter where they are in business, or in life. Through their eyes, we are reminded of how simple and smart have the capacity to unleash the power of space for anyone, regardless of how creative or deep their wallet may be.” Turnstone will be joining with LiquidSpace to connect mobile workers with the types of spaces they are both comfortable and effective working in.
The company recently debuted at the SXSW Interactive Conference in Austin, Texas, where attendees and VIP’s were able to download the LiquidSpace iPhone app and reserve unique places to work, on-the-go. User adoption and press attention were unusually strong, building momentum in advance of the Bay Area launch.
For more information, please visit http://www.LiquidSpace.com.
LiquidSpace is a location-based mobile application that lets you find the workspace you need, when you need it, wherever you are. You can book space in high-end business centers, hip startup co-working spaces, or hotel conference rooms. You can even unlock private spaces for meetings at offices that have space to share.
With LiquidSpace on your phone, you always see the best workspace available nearby, right now. You can book space for 15 minutes or a day, invite your collaborators, and check-in securely to unlock access to Internet, printers, phones, parking and more.
About Shasta Ventures
Shasta Ventures is an early-stage investment firm focused on companies in the consumer Internet, mobile and software sectors. Shasta was formed to back brilliant entrepreneurs with an unwavering commitment to the customer experience. The firm is based in Menlo Park, California.
FloodGate is a Silicon Valley based, early-stage micro-VC fund focused on start-ups that fundamentally disrupt existing large markets or create new market categories. The firm currently works with consumer-focused companies such as Twitter, Chegg, ngmoco, digg, Modcloth, Kno, Stipple, and Smule, as well as business-focused companies such as Solarwinds, Spiceworks, Demandforce, Egnyte, and YuMe Networks.
For more information, visit http://www.floodgate.com.
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