VR office space proptech Kitt secures £2m seed funding
Kitt, an office space platform that uses virtual reality to help tenants visualise and design spaces, has raised £2 million in seed funding.
Kitt partners with landlords to deliver full fit-outs based on clients' requirements. The company uses VR technology to provide a new way for tenants to assess their needs for the space, and to visualise designs and interiors.
The company then offers a complete office management service, delivered for a monthly fee.
Kitt says its VR strategy "brings empty spaces to life", avoiding the need for landlords to fit out properties in the hope of attracting tenants - a risky investment that more landlords are being driven to make because of collapsing rental prices.
In addition, the VR element is also used for face ID entry to individual spaces.
The seed round was led by YOPA co-founder Andrew Barclay, who will join Kitt's board. The company has also appointed former Fitness First CEO Oren Peleg as its chairman.
Steve Coulson, Kitt’s CEO and co-founder said: “In just a few months we’ve taken on 20 spaces in office buildings in London, and have partnered with dozens of different companies to give them their own unique and fully managed office, designed just for them.
“Increasing numbers of growing businesses feel that shared-working isn’t for them - either because of the high costs or because they want their own brand on their office, not someone else’s. They also want to design their own fit-out and only pay for the office services they actually need but without the pain-points of traditional leasing. Kitt is able to join up these two different parts of the market very successfully.”
Peleg added: “Having been a mentor for [co-founders] Steve and Lucy since they first had the idea for Kitt, I’m delighted they have asked me to formalise my role and chair this company. They’ve identified a real sweet spot in the market. There’s vacant small footprint office space in London and other UK cities that’s perfect for companies who are growing or maturing and want a self-branded, managed space without the disadvantages of co-working.
“Based on our success to date, we now have big ambitions and Kitt aims to be the largest provider of bespoke managed spaces in London by number of locations by 2020 with plans to roll out to other regional cities.”