Middle East’s largest co-working platform, Letswork has agreed to buy its Portugal-based competitor, Krow, marking its first step into the European market.
The acquisition comes at a time when the Dubai-based Letswork is looking at expansion opportunities in the growing future of the work sector. Letswork aims to add as many as 1,000 spaces across its network by the end of this year.
Founded in 2019, Letswork enables users to work from a network of coworking spaces, hotels and cafes across the globe via a single membership. The platform has partnered with over 150 spaces across the UAE and Bahrain, with over 30,000 members from freelancers to remote-working corporations.
As part of the deal, Krow’s founders, Mr. Paulo Palha and Ms. Joana Balaguer, will join Letswork as country managers for Spain and Portugal respectively, Letswork said, without disclosing any financial details of the deal.
Commenting on the acquisition, Mr. Hamza Khan, Co-Founder and CEO of Letswork, said “As remote working becomes a permanent part of people’s lives, Letswork has been successful in building a loyal customer base in the UAE. We can’t wait to replicate this success in new markets.”
“Krow has always believed in working together with the right partners and the acquisition has given us a chance to be a part of a much bigger family with the same vision,” Mr. Palha remarked.
Letswork had recently raised an undisclosed sum from Silicon Valley-based 500 Global, Saudi Arabia-based Sanabil Investments and other angel investors. It was also one of three startups to launch out of Emaar Properties’ E25 entrepreneurship program. The company counts Hilton, Marriott, Accor and Emaar Hospitality Group, as its clients amongst others.
“Being one of the first Emirati-founded tech startups to expand globally is a major milestone. We are excited to be flagbearers of the UAE across Europe and beyond,” Mr. Omar Almheiri, Co-Founder and Chief Technology Officer of Letswork, stated.
Last year, it launched one of the world’s first integrated booking platforms for hotel meeting rooms. This software-as-a-service solution enables hotels to provide real-time availability, control and intelligence across their meeting and business center facilities to customers looking for short-term workspace solutions.