Daybase closes on $9.6M seed funding for expansion

Dawn Furnas//March 7, 2022//

Daybase closes on $9.6M seed funding for expansion

Dawn Furnas//March 7, 2022//

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Hybrid work company , which opened its inaugural location in Hoboken in January, announced on March 3 it closed on a $9.6 million seed funding round from Silicon Valley venture capital investors.

According to the announcement, “This round of financing will enable further development of the company’s growing network of on-demand, professional-grade coworking locations in residential areas, along with new tools to support hybrid workers and companies.”

The funding round was led by True Ventures, and included participation from Company Ventures; Good Friends; and New York City real estate owners including the Milsteins, Lefraks and Rudin Ventures, among others.

“Hybrid work is an enormous new frontier forcing sudden changes for nearly every company and millions of workers — and their families — worldwide. As investors in both consumer brands and a number of tools for remote work, we’re excited to back more founders defining the hybrid future,” Ariel Winton-Jones, principal at True Ventures, said in a statement. “Daybase’s founding team brings tons of relevant insights and experience in execution, along with constructive curiosity, to this massive market.”

Daybase‘s Hoboken location on Washington Street has welcomed more than 300 members. The company said it has a waiting list of 5,000 members across the country.

Daybase CEO Joel Steinhaus poses at the first Daybase hybrid work spot on Washington Street in Hoboken on Jan. 26, 2022.
Daybase CEO Joel Steinhaus poses at the first Daybase hybrid work spot on Washington Street in Hoboken on Jan. 26, 2022. – GETTY IMAGES / NOAM GALAI

“The future of work is here,” Daybase CEO Joel Steinhaus said in a statement. “This investment in Daybase is a strong show of confidence in our vision to offer workers everywhere the flexibility and convenience of on-demand workspots close to home. We are thrilled to welcome this strategic group of partners joining our mission to make Daybase the space for you to seize your workday wherever you are.”

Daybase quoted a recent survey conducted by consultancy Advanced Workplace Associates that found only 3% of workers want to return to the office full time.

“People have re-oriented their days, routines and relationships to be close to home, school and after-school activities, and Daybase represents an opportunity for multi-family and mixed-use real estate developers to capitalize on that enduring trend at scale,” said Daybase Chief Operating Officer Doug Chambers.

Daybase’s second and third locations, in Harrison, N.Y., and Westfield, respectively, are under development and set to open later this year, with nationwide expansion to follow.