The Campfire Collaborative Spaces has nabbed $6 million in seed funding from a cohort of undisclosed angel investors from the real estate industry . The firm that commenced offering its services nearly a year ago currently has two centers in Hong Kong.
The business was co-founded by Albert Fung, Wang Tse, and Brian Fung who observed and understood the potential of co-working in places like Hong Kong.
What makes Campfire stand out among the numerous emerging such facilities is that all its spaces are completely industry-focused. For example, its branch in Kennedy Town is particularly focused on tech vertical and startups, while, the location in Wong Chuk Hang is directed at startups specializing in high fashion and houses many upcoming labels.
Campfire now aims to unveil 3 more co-working sites by Q217. It says the spaces which are targeted to be launched by July will revolve around the same concept, i.e., based out for specific sector-focused startups. Also, the company will open two co-living facilities, which would enable entrepreneurs to work and live together. Campfire will be seen expanding vigorously to have the largest combined co-working floor space in Hong Kong by the end of this year. Albert Fung, Co- Founder, and Director of Campfire, in a press statement, mentions,
Campfire was conceptualized as a place where like-minded entrepreneurs can gather to share their experiences and work together. Being industry-focused, our centers stand out in allowing for more relevant networking opportunities, events, and collaborations.
Campfire prides itself on being a flexible co-working space with convenient locations and sleek furnishings. It stays open 24/7 for members to work anytime. To accommodate the increasing number of tenants, it has even renovated parts of its centers, thereby, rapidly scaling. Wang Tse, Co-founder, and Director of Campfire, mentioned,
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. At Campfire, we cater a unique, reliable and flexible co-working space as an easy solution for any office needs.
While Brian reiterated the low-interest rate environment that prevails in Asia. He attributed this as the major reason behind investors’ search for good risk-adjusted returns. He added,
Campfire has been able to raise money from investors by offering them the opportunity to obtain above average yields with no downside really.
The company, now, wants to move further with its plans swiftly. Owing to the capital-intensive nature of the business model, it is seeking to raise more funds in order to open more differentiated industry-focused centers to help more businesses in Hong Kong and Asia scale rapidly.