Techspace, the flexible workspace provider for scaling technology businesses has today announced an additional £5m investment from the Noé Group.

he follow-on round managed by the Noé Group’s venture capital arm, Goldacre, will support the doubling in size of Techspace’s European footprint over the next 12-18 months.

Since taking an initial investment in 2016, Techspace has expanded from a single location in Old Street, London to four sites across the city; as well as thriving in the tech ecosystem of Kreuzberg, Berlin.

David Bloom, Founding Partner of the Noé Group, commented: “Having proven a well-run coworking business can achieve operating profitability from two core clusters. The new funding will mean an expansion of locations served and greater returns to investors.”

Techspace’s recent funding round comes at an inflection point for the flexible workspace sector, with many operators struggling to scale their businesses while demonstrating profitable site economics.

Rob Stevenson, Director of Techspace, said: “This investment demonstrates the Noé Group’s commitment to the sector and their confidence in Techspace’s ability to deliver sustainable growth with a clear path to profitability. Our core focus is on organic growth in our current markets but, as the sector starts to consolidate, we are also appraising opportunities for inorganic growth on a case by case basis.”

Techspace intends to continue to serve its target market as it expands; offering scaling technology businesses a turn-key solution that removes the hassle of managing space, whilst maximising workplace productivity.