AfricaWorks invests in 21st Century Africa

AfricaWorks, the first uniquely pan-African flexible workspace provider announces its intention to enter second-round fundraising following a successful closing of 3.5m EUR, ahead of its ambitious expansion plans for 2021. Founded in 2019, the Group offers flexible office solutions for multinationals, mid-size corporations, SMEs, and start-ups across its current portfolio in Abidjan, Accra, Cape Town, Dakar, Lagos, and Nairobi.

Against the backdrop of the burgeoning working population across Africa that is expected to reach 1 billion by 2030, the fundraising effort is an integral component to AfricaWorks’ aggressive strategic development plans to open 30 new spaces across key business centers in the region over the next three years.

The Group’s development plan will harness the immense opportunity for investment in coworking space across the continent that is being propelled further by the changing nature of work amidst the COVID-19 pandemic and the increasing demand for a more professional service offering. In addition to opening new spaces in major African business centers, AfricaWorks will also open new spaces in Paris, London, and Dubai by end of 2021, which will position the Group at the heart of the international business community looking to expand into Africa while supporting African businesses looking to expand internationally.

For Grégoire Schwebig, Founder of AfricaWorks, the fundraising closing confirms investor appetite for African growth opportunities, “The current global crisis has accelerated the transformation of office consumption and has changed requirements and spurred new demands for companies across Africa and beyond. The AfricaWorks offering is driven by regional realities and is designed to support clients as they seek new African opportunities while addressing regional challenges.

"AfricaWorks’ aggressive 2021 expansion strategy will address the chronic shortage of office space and the limited high-quality service offering demanded by businesses and organizations in support of their growth plans. We will build on our proven track record of delivery to meet this demand.”

AfricaWorks places a distinct focus on the innovation DNA of the continent and bolsters its offering by the ambition of creating the first truly pan-African business community with dedicated support centers for entrepreneurs. Current clients already include leading international organizations who are expanding across Africa such as L’Oréal, Uber, and Universal Music.

Building on seven existing facilities across Africa in its first year, in 2021 the Group plans to complete openings of more than 10 new spaces covering 15,000m and accommodating up to 500 companies and SMEs.

Khalil Ketari, CEO of AfricaWorks, added, “The first closing is a strong signal of investor confidence in AfricaWorks and the unrivalled value proposition that we bring, not only to African organizations but to multinational players looking to enter or expand across the continent. We have an ambitious growth trajectory that will take us to new heights over the next three years, whilst we continue to stay close to our teams on-the-ground to ensure we respond to the nuances of each sub-region across this immensely diverse continent.”

The current fundraising has drawn support from global venture capital funds, European and African family offices, and private global investors. By mid-2021, the projected opening for second-round fundraising, AfricaWorks will further position itself as a key investment opportunity for institutional and private investors in Africa, Europe, and the United States who are seeking investment opportunities in the world’s fastest-growing region.

The region’s growth prospects have a direct correlation to the growing need for flexible, convenient, and strategically situated office space not only for Africa’s growing tech sector but for all types of organizations operating in a number of key sectors including agriculture, education, and finance among others.