PropTech startup Hubble has landed £1.2m in an investment round led by British investment platform Firestartr.
Hubble, founded in London in 2014, finds spare, flexible office space for startups, as well as some larger businesses. The firm caters for firms that prefer short-term office rentals to multi-year commitments.
The round also saw participation from Seed accelerator 500 Startups, and venture capital firms Maxfield Capital and PropTech fund Concrete.
Hubble has found office space for several tech startups, including challenger bank Monzo.
The firm will use the investment to launch a new digital property advisor, which it says will be the first in the world.
This advisor will aim to replace commercial property agents to deliver “instant, intelligent solutions” in office rental transactions, the firm says.
Tushar Agarwal, Hubble’s CEO and founder, says that Brexit has helped his firm, with the “uncertain economic environment” pushing more SMEs to look for flexible office rental terms.
Agarwal, an ex-banker who says he is “obsessed with efficient markets”, said Hubble is the “driving force behind a trend that is seeing traditional commercial property agents quickly becoming obsolete”.
He added: “As technology has enabled the number of freelancers and SMEs in the world to grow at an unprecedented rate, they are rapidly displacing Fortune 500 companies from the physical real estate they traditionally occupy – the bread and butter of traditional agents.”
The firm was also founded by Tom Watson, now CTO, and Rohan Silva, who also founded PropTech firm Second Home.
Alexander Lazarev, partner at Maxfield Capital, says he believes that commercial property will follow the same “digital transformation” as residential.
“Hubble is the leading company in the space,” he said, “giving customers a one-stop shop for flexible space, greater transparency, and the ability to move with a few clicks.”