Breather, the leading network of on-demand meeting rooms and workspaces, announced today it has closed $40 million in funding, bringing the company's total funding to $73 million to date. This Series C round was led by Menlo Ventures, the venture capital firm behind Uber, Tumblr, Warby Parker and Siri. The financing included follow-on investments from Valar Ventures RRE Ventures, Slow Ventures, and Real Ventures, follows a Series B in 2015 and a Series A round in 2014. The investment positions Breather as the most well-funded startup in the growing on-demand workspace sector.
Founded in Canada in 2012, Breather currently operates a rapidly growing network of more than 300 spaces across 10 global markets, including New York, San Francisco, London and more. In 2016, the company expanded to new markets including Chicago, Washington DC, Los Angeles and Toronto. Breather has tripled its footprint in 2016 and is on track to increase density in its existing markets and continue its expansion to new markets in 2017.
“Breather has tapped into a real need in the workplace. There hasn't been a company of its kind offering spaces on-demand,” said Venky Ganesan, Managing Director of Menlo Ventures. “Breather has a tremendous vision to connect the world's spaces and make them accessible to all.” Menlo Ventures has a track record of success with pioneering startups, funding 70 public companies and overseeing more than 100 mergers and acquisitions since its inception in 1976. Ganesan has joined Breather's Board of Directors.
Breather's expanding customer base spans a wide range of users from freelancers and startups to large, multi-national corporations. Breather's clients represent a global shift in the way businesses and individuals work. The company's “Breather for Business” program has onboarded thousands of large organizations and small businesses since its start in 2015 and has grown 5x in this year alone. Notable clients include Apple, Google, Uber, GE, American Express, L'Oreal and IBM, which use the spaces for meetings and team off-sites.
“Over the past year, we've seen hundreds of new businesses sign up every month,” said Julien Smith, CEO and co-founder of Breather. “We're excited to partner with Menlo Ventures because of their experience and alignment with our vision.” The latest round of funding will fuel Breather's product innovation, allowing it to expand its network of users, and grow its footprint of spaces.
Unlike co-working models, Breather has no membership fees or long-term contracts. Instead, the company offers its users quiet, dedicated meeting rooms and workspaces on a “pay-per-use” basis through the company's proprietary app and booking technology. The app allows users to instantly browse, book and access a space of their own.
Breather has partnered with some of the largest and most prestigious landlords in each of its markets, with a unique business model that sets it apart from pure marketplace companies. Users have praised the inspiring aesthetic and consistent experience of Breather's spaces, which are designed by the company's in-house team.