Landlords have occasionally seen tech-enabled locations of the likes of WeWork and crave to be part of the good kids – and attract that new wave of founders. Now a UK startup has come up with a way to do this directly for landlords.
Founded in 2018 by Steve Coulson and Lucy Minton, the UK-based Kit has now raised $ 5 million (£ 3.6 million) in seed fundraising, bringing the total amount raised by the business to $ 7.5 million. The round was led by Barclay Ventures.
Kitt says it offers tenants a ‘fully customizable’ workspace solution through its landlord partners. It connects landlords directly to tenants, then automates most of the traditional tasks typically performed by office and building managers. The advantage for landlords is that the zero period from property to yield is reduced.
It now counts companies like Oatly, Nested and PZ Cussons Beauty with their post-COVID office planning.
The spaces are visualized through the VR design process before being manufactured. Kit’s mobile app then provides a variety of on-demand services to tenants. The space gets an app-based entry system, remote receptionist and security system. Landlords can then offer a managed service to tenants, who can contract to other suppliers through the kit’s platform.
On the rise, founder Lucy Minton said: “We have experienced a 600% increase in revenue since August and we expect this growth to continue as offices navigate and understand the changing needs of their team … With the flexibility of the agenda, collaboration, creativity and innovation in the post-COVID world will be central to office design. ”
He explained: “In essence we have created a platform to allow any location of any size to operate. We work with landlords to essentially re-pack their location as a service provider. So from the operating model point of view, we can remotely distribute space anywhere in customers’ offices, and from the product point of view, everything is run through our space app. “
Andreas Viel, investor and former CEO of Axel Springer Digital, said: “By providing a Bespoke solution for tenants, they can plan ahead over the next six months and navigate their own version of the future office. For landlords, the kit is offering an opportunity to create a market place in a new way that enables them to sell offices worth leaving home. ”