#Asia Campfire raises US$6M to increase co-working spaces in Hong Kong

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Besides its plans to open three co-working sites, Campfire will also open two co-living spaces

Campfire Collaborative Spaces, a Hong Kong-based co-working community, has raised US$6 million in seed funding from a group of undisclosed angel investors in the real estate industry.

It aims to launch 3 new co-working sites by July 2017. In addition, it will launch two co-living spaces (which would allow entrepreneurs to live and work together).

Currently, Campfire has two existing co-working spaces; one in Kennedy Town, which is geared towards tech startups; and the other in Wong Chuk Hang, which is catered towards high fashion businesses.

“Campfire was conceptualised as a place where like-minded entrepreneurs can gather to share their experiences and work together,” said Albert Fung, co-founder, and Director of Campfire, in an official press statement

“Being industry-focused, our centres stand out in allowing for more relevant networking opportunities, events, and collaborations.”

Also Read: Spacemob’s new co-working space will be in Singapore Science Park

In a country where real estate prices are one of the most expensive in the world, there is only an estimated 2 per cent office vacancy. Young, cash-strapped startups often face tough competition when searching for low-cost offices in Hong Kong.

The rise of co-working spaces — almost 120, as of date — has helped to address this need.

Campfire stated that since “online businesses never sleep”, its premises are open round the clock. And to allow for rapid scaling, some segments of its centres have also been renovated to take in new tenants.

Campfire plans to expand regionally in the future, but did not give any tentative dates.

Image Credit: Campfire Collaborative Spaces

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