As per market research, an average business requires over 80 supplies including cleaning services to utilities to stable internet, when setting up an office.
To streamline this process and make it simple, co-founders Steve Coulson and Lucy Minton, launched startup Kitt in 2019. Now, the London-based managed office platform has nabbed $8.16 million in a Series A funding round, which has taken its total investment to $15.8 million.
The investment round was led by Hoxton Ventures along with participation from Simon Rogerson, the CEO of Octopus Group and Jonathan Wasserstrum, the founder of SquareFoot. Kitt will use the investment to accelerate its UK expansion and open its first international office in 2022. It intends to capture the attention of companies that return to communal spaces post the pandemic. Also, it will help building owners and landlords provide unprecedented flexibility to accommodate all needs of businesses.
Connecting landlords with tenants
An alternative to WeWork, Regus and other co-working spaces brands, Kitt aims to be a one-stop-shop for finding and fitting out an office. But at the same time, they don’t lease or own buildings, instead they connect landlords with tenants. Companies pick out a space, then work with Kitt to design, build and manage the office space, basically everything that a company needs in a single monthly subscription.
Uses VR design process
Further, Kitt also uses a VR design process, which lets tenants visualise the spaces before being built. The mobile app offers a slew of on-demand services. Notably, spaces get app-based entry systems, security systems and remote receptionists as well. Landlords and property owners can offer a managed service to interested tenants who can contract other supplies via the platform itself.
The entire process of finding a customisable workspace via Kitt is as simple as selecting the desired space or providing the requirements to Kitt to get a perfect shortlist, working with design experts to customise the workspace, moving in with the support of a space partner and focusing on the business.
Grows amidst pandemic challenges
Despite the remote working trend, Kitt has grown over 420% in the past 18 months despite the lockdown and other restrictions due to businesses that see physical space to develop their culture and thrive. It has placed customers in over 140,000 square feet space all over London since its debut.
Companies being managed by Kitt include Oatly, Mars and PZ Cussons Beauty, thereby enabling the company to create one of the largest networks of managed workspace units in London.
On the raise, CEO and co-founder of Kitt Steve Coulson said: “The aftermath of the pandemic has blown open the doors of our industry and accelerated our mission to put the customer at the heart of commercial real estate. We are delighted to partner with Hoxton to take the business to the next level as we aim to reinvent commercial real estate across the country and then internationally.”
Hussein Kanji, Founder at Hoxton Ventures, added: “The office concept has changed drastically as companies look to strike a balance between HQ and people’s homes. The real estate industry needs to innovate and redefine the role of office space for the future. We congratulate Kitt on its vision, which is at the centre of the largest shift in commercial real estate we’ve seen in recent years.”
Kitt has grown up to become a team of aims to use the fresh funding to expand in London, and also has plans to work on the international rollout next year.