Offering a three-in-one space management platform that covers the needs of modern workspaces, Ronspot has just raised €1.1 million. The Galway-based startup is now planning to accelerate its global expansion. 

Heading to the office is a daily part of life for workers right around the world and it has been for decades. It’s a place where teams can come together – but managing space can be a challenge, especially with new hybrid approaches to working. 

For many commuters, choosing to drive to work might seem like a comfortable choice. But what about when you get to work and find your favourite parking space – that space that has the perfect distance-to-door and shade ratio – has been nabbed by someone else? Well, Irish startup Ronspot developed a tool for that back in 2018. Since then, the company has pivoted to offer a three-in-one space management platform to empower more efficient hybrid workspaces and has just bagged €1.1 million. 

Michael Furey, CEO, Ronspot, said: “Today’s organisations are acutely aware of the need to provide flexible hybrid working solutions in order to retain and attract talent. It continues to be an employee’s market and top talent will leave roles, or accept positions elsewhere, if a company isn’t doing enough to support the work/life balance that they have become accustomed to over the last two-and-a-half years. We recognised this shift early on in the pandemic and have evolved our solution to become an essential tool in any modern workplace.”

The funding

Announcing a new €1.1 million investment round, Ronspot is now planning global growth. The funding was led by Furthr VC and included funding from the Halo Business Angel Network (HBAN) and Enterprise Ireland. 

The funding from Furthr VC comes from its latest fund, backed by leading Irish technology entrepreneurs and business leaders, as well as Enterprise Ireland. With an emphasis on highly scalable, export-focused software and medtech companies, the €32 million fund has so far invested in 15 companies and is on-track to invest in up to 30 companies by year-end 2024.

Ronspot has benefited from the support of external agencies including iHub at the Atlantic Technological University in Galway for providing a space to learn and grow, as well as the WestBIC Business & Innovation Centre for its continued support throughout Ronspot’s growth journey. The team also benefited from Enterprise Ireland programmes such as New Frontiers and Enter the Eurozone.

Jennifer Melia, Divisional Manager, Technology and Services, Enterprise Ireland, said: “Ronspot is an ambitious, scaling company that is competing and winning in international markets. Its offering has expanded to provide comprehensive space management solutions as the world of work has evolved, largely due to the COVID-19 pandemic. Enterprise Ireland is proud to invest in this Galway-based company that has strong growth and job creation plans and we look forward to helping them deliver their ambition.”

Space management platform

Since its conception in 2018, Ronspot has developed into a forward-thinking three-in-one space management platform designed to make hybrid working easy, while also supporting efficiency in the workplace. It’s adapted to reflect the needs of a modern workforce, and its ability to pivot into new offerings is part of what has made the startup so attractive to investors. 

The startup’s cloud-based application enables users to book car and bicycle parking, hot desks and meeting rooms, as well as manage visitor requirements and other resources including lockers – all on one unified mobile app. Users can see real-time availability, as well as the bookings of their colleagues – making workplaces more harmonious and better managed. 

It allows companies to easily manage their hybrid workplace and save time on administration, scheduling, staff queries, and real-estate costs. As the hybrid work approach is now firmly here to stay, the platform offers a valuable tool to businesses and office providers of all types in all locations. 

Michael Furey added: “Organizations are starting to review their real estate commitments with an eye on how they can reduce their building footprint and its associated costs, while at the same time increasing their head count with more intelligent management of their office spaces. The days of ‘one desk, one employee’ are a thing of the past for many, so it’s important that these resources are utilized more effectively in the future.”

Plans to grow

The Galway-based team has grown from three customers in 2018 to over 200 customers across more than 30 countries today and is also predicting revenues to grow by 400% year-on-year to 2025. It’s certainly fueled by the hybrid working trend but also the innovative approach to tech and commitment to continual development. 

Richard Watson, Managing Partner, Furthr VC, said: “Great companies can be born out of uncertain times and Ronspot is an example of this. Early in the pandemic, the team recognised that the world of office work was changing forever and took the company in a new direction to take advantage of this. We are excited to be leading this investment round and look forward to working closely with Ronspot’s leadership team as we prepare for strong international growth and ultimately delivering significant returns for our investors and other shareholders.”

In the last two years, Ronspot has added new features including groups, teams, recurring bookings and single sign-on – resulting in its engineering team more than doubling in the last two years.

With this new funding in the bank, Ronspot will create an additional 10 jobs in the next 18 months, bringing its team up to 28 people. The recruitment drive will help fuel plans to expand in new and existing markets. It is currently taking part in the Enterprise Ireland ‘Enter the Eurozone’ programme with the aim of establishing a physical presence in Germany, France, Italy and Spain.

Stephen Stilliard, chair of HBAN’s WxNW syndicate, said: “Having contributed €400K in 2020, angels in our syndicate are once again investing in Ronspot. Angel investors want to back businesses that are built for the future and that is what Ronspot represents. It has recognised, and capitalised on, an exciting market trend and our investors see great potential in that.”

The CEO added: “We are delighted to receive this funding from our investors, who share our excitement for the future of Ronspot. The team at Furthr VC have been working closely with us, offering valuable advice as we prepare for a period of rapid global growth.”