Pipeline Workspaces, a shared-workspace co-working company that launched in Miami and is expanding nationally, said Monday that it has sold a minority stake valuing the company at about $15 million.
The investment comes from Gordon G. Pratt, founder and CEO of Fund Management Group (FMG) and a member of Pipeline Brickell, the company’s original location, for two years. FMG became a limited partner in Pipeline’s second shared workspace in Philadelphia and followed up with the minority investment in the Pipeline Workspaces general partner.
“Gordon tested our business platform first-hand as a member and experienced how the concept we offer and our management team is different from other co-working spaces in the U.S. today,” said Todd Oretsky, co-founder of Pipeline Workspaces.
In late 2012, Pipeline opened its first collaborative, entrepreneurial co-working space in Miami’s Brickell Financial District and last year opened in Philadelphia’s Center City. A third location is under construction in Coral Gables and in the planning phase is a co-working and co-warehousing space in Little River area for artists and small business people. Pipeline is exploring expansion in Atlanta, Charlotte, Denver and Dallas, as well as other locations in South Florida.