UAE: Dubai-based coworking platform Letswork has acquired Portugal-based Krow for an undisclosed sumt.
Letswork, created in 2019, gives users access to various coworking spaces, hotels and cafes across the globe, all included in a single membership.
The purchase marks Letswork’s entry into the European market, where the company is “looking at expansion opportunities in the growing future of work sector”.
Hamza Khan, co-founder and chief executive of Letswork, said: “As remote working becomes a permanent part of people’s lives, Letswork has been successful in building a loyal customer base in the UAE. We can’t wait to replicate this success in new markets.”
Krow’s founders Paulo Palha and Joana Balaguer, in accordance with the deal, will become country managers for Spain and Portugal for Letswork.
Palha said: “Krow has always believed in working together with the right partners and the acquisition has given us a chance to be a part of a much bigger family with the same vision.”
Krow was founded in 2021, and provides several remote work spaces in Portugal.
Through Letswork’s platform, consumers also have the ability to rent offices, creative spaces and meeting rooms through the booking option on the website. More than 150 spaces can be accessed throughout the UAE and Bahrain. It has around 30,000 members ranging from freelancers to remote working corporations.
Omar Almheiri, co-founder and chief technology officer of Letswork, said: “Being one of the first Emirati-founded tech start-ups to expand globally is a major milestone. We are excited to be flagbearers of the UAE across Europe and beyond.”
1,000 spaces are to be added to Letswork’s network by the end of the year. The company plans to strengthen its product by examining other markets to bid.
The platform previously raised an unnamed amount from 500 Global, Sanabil Investments, and other investors.
Letswork was one of three start-ups to come out of Emaar Properties’ E25 entrepreneurship programme.
The platform also created one of the first integrated booking platforms for hotel meeting rooms just last year. This software allows for hotels to supply intelligence, control and real-time availability throughout their business and meeting centre facilities to consumers searching for short-term workspace solutions.
