Dubai’s co-working platform Letswork agreed to buy Krow, a Portugal-based competitor, for an undisclosed amount.
Founded in 2019, Letswork enables users to work from a network of co-working spaces, hotels and cafes around the world through a single membership.
The acquisition, which marks the start-up's entry into the European market, comes at a time when it is “looking at expansion opportunities in the growing future of work sector”, Letswork said in a statement on Tuesday.
co-founder and chief technology officer of Letswork
“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,” Hamza Khan, co-founder and chief executive of Letswork, said.
As a part of the deal, Krow’s founders – Paulo Palha and Joana Balaguer – will join Letswork as country managers for Spain and Portugal, respectively, the Dubai start-up said.
“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 said.
Founded last year, Krow offers a growing network of remote work points in Portugal.
Using Letswork’s channel, users can also rent meeting rooms, offices and creative spaces through the on-demand booking platform. The platform has partnered with more than 150 spaces across the UAE and Bahrain, with more than 30,000 members from freelancers to remote working corporations.
“Being one of the first Emirati-founded tech start-ups to expand globally is a major milestone,” said Omar Almheiri, co-founder and chief technology officer of Letswork.
“We are excited to be flagbearers of the UAE across Europe and beyond.”
Letswork aims to add as many as 1,000 spaces across its network by the end of this year. It is also looking at other markets in a bid to strengthen its product, it said.
The company 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 start-ups to launch out of Emaar Properties’ E25 entrepreneurship programme. The company counts Hilton, Marriott, Accor and Emaar Hospitality Group among its clients.
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 centre facilities to customers looking for short-term workspace solutions.
