CommonGrounds Workspace has secured $100 million in Series A funding to support the company’s expansion plan.
The capital raise was orchestrated by Pacifica Enterprises, a San Diego-based real estate investment firm that provided the initial seed money for the company.
CommonGrounds plans to expand its footprint into two million square feet across roughly 50 locations in the next 24 months. This includes nine sites that are actively under construction across the U.S. and are slated to open in 2019.
Another 35 locations are in development in primary and secondary markets across the U.S., with openings scheduled for late 2019 and 2020.
Currently, CommonGrounds has locations open in San Diego, Denver, the Los Angeles area and San Jose. To date, total leases and management agreements under contract comprise approximately 260,000 sq. ft.
CommonGrounds Workspace is a workplace-as-a-service operator with flexible workplace products and services headquartered in San Diego.