WORQ’s Profitable Journey, Growth Despite WeWork’s Failure, And Amazon AWS Aspirations

Founded in 2017, WORQ is currently present in 7 locations across the Klang Valley and an additional unique location at Perhentian Island, with more in the works, given the potential they see in the industry.

WORQ is currently on track to triple its space under management to 450,000 sq ft by 2025 and has ambitious plans to expand its space under management to a sizable 3 million sq ft by 2030.

The company started with RM1.5 million in revenue in 2017, made RM17 million last year, and is aiming for RM25 million in 2024, and on the back of 80% revenue growth and mid-teen net profit margins last year, WORQ announced in October that it raised an undisclosed pre-series B backed by 14 follow-on investors including global asset management firm PhillipCapital and the Leong family of Mah Sing Group Bhd.

Looking ahead, to support its ambition, WORQ is targeting to raise RM40 million in its Series B funding round.

We speak with CEO Stephanie Ping and CFO Andrew Yeow, to get a better understanding of how they’ve profitability navigated the last 7 years in the coworking landscape despite the downfall of WeWork, how WORQ has partnered with property players and developers to grow, and what the path ahead looks like for the Space-As-A-Service model as the aim to become the Amazon Web Services of office space.

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