Coworking Operator Switchyards to Open 200+ Locations After Raising $5 Million in Funding
After raising an impressive $5 million in funding, Switchyards – an Atlanta-based coworking operator – announced its plans to further expand its portfolio by opening hundreds of locations around the country. The information has recently been reported by Axios as the company’s ambitious expansion objectives for the next five years.
Switchyards, a company founded in 2019, runs fifteen “work clubs” throughout the Southeast. The operator calls its coworking model “neighborhood-focused,” with facilities conveniently located in residential areas with the ultimate goal of providing around-the-clock access and a shorter commute for remote workers, freelancers, entrepreneurs and businesses alike.
Switchyards’ most recent series D round, which raised a significant $5 million, was led by Bullpen Capital, with Overline and current investor Cercano among the other investors. The company has raised $10.5 million thus far in several funding rounds.
According to Rough Draft Atlanta, Switchyards is bringing ten new locations to suburban Atlanta, Nashville, Charlotte, and other Southeast areas, based on the funding received. By 2029, the company wants to have 200 spaces across the nation, with locations “in every residential neighborhood across the country.”
Since 2021, Switchyards’ revenue has doubled annually, according to CEO and founder Michael Tavani, who spoke with Axios, a testament to the rising popularity of the coworking sector.
Furthermore, according to a KPMG poll, 46% of businesses adopted hybrid work practices in the last year, demonstrating the growing appeal of remote and flexible work arrangements. The need for locations outside of homes and offices that offer a short commute and a productive environment keeps growing.
In fact, as a recent report from CoworkingCafe revealed, the U.S. was home to over 6,250 coworking spaces at the end of 2023, a number which increased by 6% in the course of only three months, now standing at almost 6,600 at the end of Q1.
Find out more about Switchyards on their official website.
