Pipeline Workspaces, a fast-growing shared workspace concept that started in Miami and is expanding nationally, announced Monday that it has sold a minority stake valuing the company at about $15 million.
The investment comes from Gordon G. Pratt, founder and CEO of Fund Management Group (FMG), a private holding and investment company. Pratt has been a member of Pipeline Brickell, the company’s original location, for two years. FMG became a limited partner in Pipeline’s second shared workspace located in Philadelphia and followed up with the minority investment in the Pipeline Workspaces general partner.
“Gordon tested our business platform first-hand as a member and experienced how the concept we offer and our management team is different from other co-working spaces in the US today,” said Todd Oretsky, co-founder of Pipeline Workspaces, in a news release.
In 2 1/2 years, Pipeline has opened collaborative workspaces in Miami’s Brickell Financial District and Philadelphia’s Center City. A third location is under construction in Coral Gables and should open in the first half of this year. In the planning phase is a co-working and co-warehousing space in Little River area for artists and small business owners.
Pipeline is also exploring expansion in Atlanta, Charlotte, Denver and Dallas, as well as other locations in South Florida.
“Across our current locations, we already are seeing members take advantage of the opportunity to work out of multiple offices and network in new cities, which makes expansion of their businesses into new markets much more seamless,” said Philippe Houdard, co-founder of Pipeline Workspaces. “Imagine having a network with one degree of separation from many industries in multiple cities.”
That is what the Pipeline team is building.