Fast Five can’t be called a co-working space, but it has built a business model built on shared offices

Announced on February 19th, Fast Five, a workspace-sharing startup, has received total investment of KRW20 billion US$20 million from Atinum Investment and Time Folio Asset Management firm.

Fast Five is a shared office startup that provides a trendy interior-ready office space with a deposit-free, and reasonable monthly membership fee. It provides a variety of concierge services, community formation among tenants, and various affiliate services to help the tenants focus on their main business. Since its establishment in 2015, a total of 12 branches are now operating in the Gangnam area.

This investment will be the third investment closed by Fast Five, which will involve KRW15 billion (US$13.8 million) won from Atinum Investment and KRW5 billion (US$4.6 million) won from Time Folio Asset Management firm.

Kim Eun-wook, managing director of EIT Investment, said, “We focused on the growth of the shared office market due to the paradigm shift in the real estate market and the ability of the Fast Five to compete with competitors for market share.”

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Fast Five has been rated as a leader in the shared office market for the first time in three years since it opened with more than 4,000 residents, sold all the stores within two months of opening all branches, and vacancy rate of less than 3 per cent on average. Especially efficient layout design, digital marketing capability, sophisticated sales process, and customer service optimized for the domestic market are the driving force behind Fast Five’s achievements.

Fast Five Park Ji-woong and Kim Dae-il, co-CEO of the company, said, “Not only individual and small-sized companies, but also large-scale customers such as more than 100 mid-sized enterprises and foreign companies are using and demanding the service.”

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Through this investment, Fast Five will open up to 20 stores throughout the year, solidify its leading position in the shared office industry, and plan to evolve into a service platform that goes beyond simply providing space. In addition, housing services will be launched in the second half of this year through collaboration with leading asset management companies in Korea.

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The article Fast Five gets a $18M USD investment from Atinum Investment and TimeFolio Asset Management first appeared on Tech For Korea.

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