Millionspaces is a Sri Lanka based startup which owns and operates an online marketplace for work and leisure spaces. The aim is to connect hosts who may have unutilized space capacity with customers looking for new spaces (for meetings, parties, hot desks, etc.)
The company operates a commission-based revenue model, taking a percentage of the value of each booking made using the site.
The company has successfully launched in Sri Lanka and is now looking to consolidate its business locally as well as expand overseas.
|Working Capital and Contingencies
Millionspaces has already raised $100k to launch in Colombo in Dec 2017. In Sri Lanka, it now has over 1275 spaces listed and averages over 3000 bookings per month. The site had over 150,000 cumulative unique visitors at April 2019.
In the next phase, the company aims to maintain its growth momentum in Sri Lanka, as well as expand overseas.
Accordingly, funding is required for several product enhancements as well as marketing efforts in Colombo.
In Singapore, the company estimates that USD 250k is required as detailed. Upon the success of this a further fundraising round will follow. Up to 10% equity is on offer.