Swivel will use the newly raised funds to continue its nationwide expansion and for further investments in the tenant-broker partner program.
FREMONT, CA: Swivel, an agile office leasing platform, has raised $8 million in Series A funding round led by Jim Breyer of Breyer Capital. Other prominent investor participated in the round was JLL Spark, a global venture fund investing in various startups, and transforming the commercial estate through technology. Swivel will use the newly raised funds to continue its nationwide expansion and for further investments in the tenant-broker partner program and in its agile leasing platform.
"The future of real estate will continue to be defined by the demand for flexibility," said Jim Breyer, founder, and CEO, Breyer Capital. "Swivel is positioned to redefine the entire office leasing experience for startups and established companies alike by eliminating upfront costs and move-out penalties. Swivel brings an innovative fintech-based approach that allows landlords to streamline leasing through terms that deliver the value of flexibility to tenants, as well as their investors."
The Austin-based startup enables the pre-qualified member companies to enter into a contract with its landlord partners for creative, turnkey office space on flexible terms with nominal or no up-front fee, capital expenditure, and no lease lock-in. Using Swivel's agile leasing platforms, landlords backstop their leases for member companies. This backstop eliminates the risk and uncertainty associated with more flexible lease terms.
Swivel has signed up more than 30 landlords representing more than 150 properties across Dallas, Austin, and Houston, since its network launch in 2019. With the support of Swivel, these landlords have accomplished agile leases with a wide range of both venture-backed tech startups, as well as multinational companies that call for flexibility for their satellite offices.
Swivel has undertaken the charge to transform the entire office leasing experience for landlords, tenants, and brokers alike. With a workspace network that features agile leasing, Swivel gives member companies the freedom to move whenever the office needs change.
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