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Workbox Secures $17.5 Million in Committed Capital with Option to Upsize to $23 Million

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Workbox, the Chicago-based national workspace operator, who has seen remarkable growth since its inception in 2019, successfully raised $17.5 million in its Series A equity round with a follow-on option to secure an additional $5.5 million. To date, Workbox has raised over $25 million in total capital ahead of its follow-on allocation.

Led by Chicago Atlantic, this round of funding will help Workbox accelerate its growth across the United States. With 10 locations in five cities, Workbox is one of the fastest-growing operators in the nation, most recently announcing new locations in Chicago and Dallas this month. The additional capital provides significant liquidity to expand Workbox at a time when much of the sector remains heavily capital constrained.

“The flexible office sector stands to be the single biggest driver of office space demand this new era of work. We see the term ‘flexible office’ becoming synonymous with ‘office,’ a sentiment already validated through the growth in hybrid employment, employee flexibility, geographically fragmented workforces, double income households, and the rapid acceleration of small business formation,” said John Wallace, Co-Founder and CEO of Workbox.

“Workbox has more than doubled its revenue annually since inception, but it took a capital partner with the ability to look beyond office market headlines to see the true size of our opportunity in this trillion-dollar sector. The current environment has opened a path for reimagining the workplace and realigning owner and operator interests in a sustainable way,” said Wallace. “Chicago Atlantic brings over $2.1 billion in AUM, investment experience in both private equity and credit, public markets experience through a NASDAQ-listed REIT, and a nuanced understanding of how operating structure and design affect industry successes and failures.”

A view of a Chicago coworking space.

John Mazarakis, Founding Partner at Chicago Atlantic, added that “Workbox has been quietly pioneering the industry in both customer acquisition and structure innovation since it began. We’ve been impressed by its hands-on approach to operations and management, a strategy we believe will sustain their growth and performance long-term. We are proud to utilize Workbox for our firm and to build on our partnership with this significant investment.”

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About Workbox

Workbox Holdings, Inc. is a national workspace operator that provides professionals with a platform to connect. In addition to traditional office space and coworking solutions, it offers access to a range of investors, a vetted network of professional specialists, and powerful interactions through a heavy concentration of high growth businesses across its entire portfolio.

About Chicago Atlantic

Chicago Atlantic is a private market alternative investments manager focused on industries and companies where demand for capital exceeds traditional supply. Founding Partners John Mazarakis, Tony Cappell and Andreas Bodmeier established Chicago Atlantic in 2019. The firm’s private investment strategies have grown to include opportunistic credit and equity with focuses on loans to esoteric industries, specialty asset-based loans, liquidity solutions and growth and technology finance. Chicago Atlantic has made over $2 billion in credit and equity investments to date. Chicago Atlantic’s team of over 75 professionals has offices in Miami, Florida and Chicago, Illinois.

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