Industrious appoints Hogan Preusse to board as IPO preparations begin

George Sell George Sell Uploaded 31 May 2020

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US: Flexible office startup Industrious has appointed real estate veteran Mary Hogan Preusse to its board of directors and has been interviewing investment banks ahead of a potential IPO.

The moves come despite the impact of the coronavirus pandemic which caused the company to lay off nearly 20 per cent of its workforce in early April.

Preusse, who is Industrious’ first female board member, is on the board of and independent director for several large real estate investment entities including Digital Realty Trust, Kimco Realty and Vereit. She was previously managing director and co-head of Americas Real Estate at Dutch pension fund APG Asset Management.

Industrious CEO and co-founder Jamie Hodari said: “Investors represent one point of view, but the unfortunate consequence is that you end up with a lack of gender diversity and potentially miss out on a thoughtful, independent voice.”

He said he expects revenue to grow as much as 25 per cent this year. Industrious laid off 90 employees last month — 18 per cent of its workforce — and furloughed another 64 employees. The company is in the process of bringing those furloughed workers back.

Hodari said he believes the company's focus on private offices over open coworking spaces puts it in a strong position as coronavirus has shifted demand to private offices.

The company raised $80 million in a Series C round last year from investors including Brookfield Properties, Fifth Wall Ventures and Riverwood Capital.

Earlier this month Thor Equities signed Industrious as a partner to operate its 36,000-square-foot coworking space in Midtown Manhattan.

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