Offering a three-in-one space management platform that covers the needs of modern workspaces, Ronspot has just raised €1.1 million. The Galway-based startup is now planning to accelerate its global expansion.
Over the last few decades, going to the office has been a daily routine for almost everyone in the workforce. However, organizing space for hybrid approaches to working can be difficult in shared offices.
Irish startup Ronspot launched a product in 2018 that helps people find parking spaces at work. The tool helps people find open spots and makes it easier to manage multiple spaces. Since then, the company has pivoted to offer a platform that manages three spaces at once. Recently, Ronspot secured $1.1 million in funding.
Michael Furey, the CEO of Ronspot, said, ‘The last two and a half years have been an employee’s market: top talent can leave a role or take one somewhere else if their company doesn’t support the work/life balance they’re accustomed to. Organizations are aware of the need to provide flexible hybrid working solutions to retain and attract talent. It’s continued to be an employee’s market, and top talent will leave positions or accept offers elsewhere if companies aren’t making efforts to support work/life balance. Ronspot recognized this early on during the pandemic and has adapted their services to become a vital tool used in every modern workplace.’
The Funding
Ronspot received €1.1 million in new investment funding from Furthr VC, Enterprise Ireland and the Halo Business Angel Network. With this new funding, Ronspot plans to expand their business globally.
Furthr VC recently raised its fourth venture capital fund worth €32 million. This money was provided by top Irish businessmen and tech startups; it was also provided by Enterprise Ireland, which focuses on export-focused software and medical tech startups. so far, 15 startups have received funding from Furthr VC; it’s expected to invest in another 30 between 2024 and 2029.
Ronspot has benefited from the support of external organizations like Enterprise Ireland, the WestBIC Business & Innovation Center and Atlantic Technological University’s iHub. Using these resources, Ronspot was able to grow their business, learn new things and find opportunities to collaborate with other businesses.
Jennifer Melia is the Divisional Manager of Technology and Services at Enterprise Ireland. She says that Ronspot has grown tremendously since it was founded. Its offerings have expanded to provide complete space management systems due to COVID-19, a virus that infected many workplaces throughout the world. As a result of this virus, the employment world changed significantly. Ronspin has plans to employ more people in Galway and grow their company even further. Enterprise Ireland is happy to fund Ronspot, and considers its investment a good decision.
Space management platform
The company was created in 2018. The name is derived from the word spot and Ron, which is the last name of the company’s founder. Ronspot is a space management platform that provides hybrid working efficiency in one place. Additionally, Ronspot’s flexibility has earned it significant attention from investors.
The company’s cloud-based application allows people to book car and bike parking, hot desks and meeting rooms on one mobile app. It also allows users to manage locker space, resources and visitors— all in one place— with real-time availability shown for each resource. The app helps workplaces become more harmonious and well-managed thanks to these features.
By providing a hybrid work platform, businesses can save time and money on scheduling, administration and employee questions related to workspace expenses. This approach to work is firmly here to stay, so this platform provides a valuable tool for all offices and business providers.
Michael Furey added, “The days of one desk per employee are over. For many employees, their workspace is now managed more intelligently for effective use. As a result, companies are reconsidering their real estate commitments with the intention of reducing their building’s physical footprint and associated costs. At the same time, these companies intend to increase the number of employees housed in each office.”
Plans to grow
Three customers comprise the Galway-based company in 2018. However, over 200 customers from more than 30 countries are contracted by the company today. The company also predicts its year-over-year revenues to increase by 400% up to 2025. It’s believed this is because of their hybrid working method and consistent development of new tech. Additionally, they’ve been able to leverage the trend of tech focused on creative workflows.
Furthr VC’s Richard Watson said, “”Ronspot is an example of how great companies can be born during uncertain times. The company realized early on that the office work landscape would change forever because of the flu pandemic. Instead of continuing with their original business ideas, Ronspot decided to change directions and capitalize on this new reality. We are glad to lead this investment round and work closely with Ronspot’s leadership team. In the end, we hope to prepare the company for significant international growth that will provide returns for our investors and other shareholders.”
Ronspot’s engineering team increased by more than 100% in the last two years due to the addition of new features such as teams, groups, single sign-on and recurring bookings.
Ronspot received new funding that will help them hire additional employees. Already having created ten jobs, Ronspot’s workforce currently consists of 28 people. Their new recruits will assist in their plans to grow in existing and new markets. Ronspot is also involved in the Enterprise Ireland ‘Enter the Eurozone’ programme, which hopes to establish a physical presence in France, Italy, Germany and Spain.
In a statement, Ronspot Angels — the investors in HBAN’s WxNW syndicate — expressed their excitement over the company. They believed that Ronspot was capitalizing on an up-and-coming trend and saw great potential in the company. Additionally, the statement said that their investors were committing $400k to Ronspot in 2020. Chair Stephen Stilliard said that angels wanted to back businesses with longterm goals. He continued by saying that these investors wanted to back Ronspot because it represented businesses built for the future.
The CEO thanked Furthr VC investors for sharing their enthusiasm for the company’s future. Additionally, the Furthr VC team has given Ronspot valuable advice as it prepared for rapid growth across the globe.
