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UAE’s Co-Working Platform Letswork Raises $2.1 Million Seed Round

The platform plans to use this round of funding to expand to Saudi Arabia, with a focus on Riyadh.

Letswork, a Dubai-based subscription service and marketplace for on-demand workspaces, has raised a $2.1 million seed round to expand to Saudi Arabia.

The funding round saw participation from 500 Global, The Space, DTEC Ventures and some strategic angel investors.

Founded in 2019 by Omar Almheiri and Hamza Khan, Letswork enables both consumers and companies to work from a network of co-working spaces such as cafes, hotels and other shared spaces. Users can also rent meeting rooms, private offices and creative studios by the hour or the day, providing venues with additional revenue streams.

“Saudi Arabia is the largest market in the Middle East and Riyadh is one of the first markets where Dubai-based companies expand into, hence many of our existing corporate clients were requesting the ability to use Letswork there," Hamza Khan, Co-Founder and CEO of Letswork, tells StartupScene.

Earlier this year, the startup successfully acquired Krow in Portugal to expand its reach beyond the region. 

Through its latest round of funding, Letswork plans to expand its SaaS offering to more venues, grow its team, and increase its network of workspaces in the next 12 months.

Proptech startups introducing shared economy platforms have been emerging lately in the MENA region. Some startups raising investments in this space include UAE’s Silkhause, a platform for short-term rentals, raises $7.75 million; Egypt’s Partment, a proptech startup that offers co-owned second homes, raises $1.5 million; and Seqoon, also an Egypt-based startup facilitating co-ownership of real estate, raises $500,000.

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