The Paris-based start-up plans to use the funding to expand in the UK, Germany and Spain with a focus on tech for hybrid workspaces.
Witco has launched its smart building app in the UK after raising $14m in Series A funding.
Its tech is used in offices, student housing, co-working and co-living spaces to centralise the services offered to building occupants. With the rise of hybrid work in mind, the start-up is now focusing on helping employers manage offices and communicate with employees in a fast-changing work environment where flexibility is key.
“Since the beginning of the pandemic, companies have had to change the way they operate, implementing widespread remote working,” Witco co-founder and CEO Eliane Lugassy said.
“The challenge now is to design a hybrid model that meets employees’ expectations while maintaining team cohesion and motivation.”
Backers of the latest funding round include existing investor Naxicap, along with new investors Daphni, Eurazeo, UL Invest and a number of business angels.
“This latest funding endorses our offer, which is critical in an era of mixed building use and the need for flexible space,” Lugassy added.
“As the function of the office changes, we will redefine the work and home experience and are committed to improving the wellbeing of employees and residents, supporting the effectiveness of building operations and the companies and organisations they house.”
‘All in one app’
Witco said it will use the investment to expand into Germany and Spain. Apart from its latest launch in the UK, Witco currently offers its services in France and Canada.
Founded in Paris as MonBuilding in 2016, Witco is used in more than 800 buildings across 200 cities and counts 5,000 companies as clients.
Paul Bazin and Pierre-Eric Leibovici of Daphni said that while there are many companies out there offering similar digital services such as meeting room reservations, identity verification, parking management and maintenance, Witco has been able to combine all of them in one app.
“Asset managers will add value to their buildings through the digitisation of many services for the wellbeing of their occupants,” they said in a joint statement.
Witco has been growing in recent years and now has 50 employees across its three offices in Paris, Lyon and Madrid. Last year, it was a finalist at the European Commission-backed PropTech Europe Awards.
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