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Emaar Properties’ chairman funds US workspace startup

Emaar Properties’ chairman funds US workspace startup
The startup is planning to build 2 million square feet of flexible office space
Emaar
EMAAR
0.24% 8.17 0.02

Mubasher: The California–based startup CommonGrounds has successfully secured $100 million in finance from three investors, including Emaar Properties’ chairman Mohamed Alabbar.

The startup is planning to build 2 million square feet of flexible office space in the next two years, with raised funds.

CommonGrounds has reconfigured around 11,000 square foot of workspace, which was used by 130 people in 14 days for $40,000, using a system designed and manufactured by Italy’s Tecno Spa, the startup’s CEO Jacob Bates said.

“Without this building technology it would have taken a minimum 90 days and hundreds of thousands of dollars,” Bates added, according to Reuters.