CommonGrounds Workplace, a Carlsbad-based coworking company, raised an additional $40 million in funding after closing a $100 million series A round in January. The company’s previous investors contributed to the additional funding. They include San Diego real estate investment firm Pacifica Enterprises Inc., as well as software education company The Davidson Group, and Mohammad Alabbar, founder of Dubai-based real estate company Emaar.
CommonGrounds said it currently has 21 locations that are open are under development, adding up to a total of 610,099 square feet. The company has also been putting the recent funding to work by buying up leases across the U.S., including locations in Chicago, Atlanta, Los Angeles, Seattle and Washington D.C.
The company sees an opportunity for growth by focusing on corporate clients. It builds spaces with high-quality finishes, offering everything from headquarters spaces to office expansions for clients. CommonGrounds also makes everything from the walls to the furniture easy to reconfigure, allowing companies to easily grow or shrink their office suites as needed.
“Being the second mover to an industry that has so much demand, we see the unaddressed opportunities within the current market,” CommonGrounds CEO Jacob Bates said in a news release. “We developed a series of enterprise-grade products and services for companies in various stages of growth while delivering a high-quality brandable environment very much like a Fortune 1500 headquarters.”