THRIVE & 33 Degrees Raise Funds to Expand to 500 Locations
ATLANTA–(BUSINESS WIRE)–Today, THRIVE, a coworking space solution with philanthropy and community involvement, along with global private equity group, 33 Degrees, announced a significant investment to aid in the expansion of THRIVE’s widely popular coworking spaces. As both an investor and partner, 33 Degrees is helping to accelerate THRIVE’s purpose-driven coworking space for freelancers, entrepreneurs and employees of both large and small businesses, combining design-forward style and thoughtful amenities in walkable neighborhoods from a few places in Georgia to 500 locations throughout the United States and Canada.
Currently, THRIVE is operating in Alpharetta, Milton and Canton, Georgia and there are additional deals secured in Georgia (Gainesville, Duluth, Cumming, Roswell and Suwanee), North Carolina (Winston-Salem) and South Carolina (Charleston). In a post-Covid world, businesses are keeping remote and hybrid work at the forefront for employees with almost five million people expected to work from coworking spaces by 2024. A huge focus for this group is a healthy work life balance and options to meet others in a physical workspace close to home, like in suburbs and smaller cities.
“At 33 Degrees, we look for innovative partners like THRIVE to not only invest with but also partner, who, like us, want to develop, improve and stabilize properties to revitalize and engage communities,” said Quinn Palomino, Partner and Co-founder of Virtua Partners. “We support the standard THRIVE is setting in the hybrid coworking space. THRIVE creates not just a cool place to work but a community atmosphere to foster collaboration, an activities-focused lifestyle, a local economic engine and a way to give back with the Thrive Initiative.”
The 33 Degrees portfolio of companies combines the expertise of finance, asset management, property management, brokerages, and hospitality management, offering an integrated portfolio of CRE corporate services.
33 Degrees’ CRE Lifecycle Management adds value to properties within any stage of the lifecycle including real estate development and construction services for commercial, residential, and hotel properties. As a result, 33 Degrees manages 3.5 million square feet across 175 properties in 28 States and Canadian Provinces with $987 million in assets under management. As part of the benefits to THRIVE, 33 Degrees can leverage its CRE Lifecycle Management service to integrate with a Thrive workspace integrated into select properties.
By 2030, the coworking space is expected to be about 30% of all US office space. The most requested amenities at coworking spaces include places to work out and eat and 70% of Americans want an enjoyable work atmosphere. One key reason all THRIVE coworking spaces are located in downtown areas is walking distance to convenient services. Each THRIVE has a stylish coworking environment that fosters inspiration, collaboration and community, with a curated workplace culture that features regularly scheduled events, activities and adventures for members.
THRIVE also plans to drive local business by partnering with neighborhood retailers who offer discounts on dining and services to coworking members, as well as anyone who participates in THRIVE | Initiative, the company’s 501(c)(3) micro-donation platform. The THRIVE | Initiative app rounds up credit or debit card purchases to the nearest dollar amount and lets users donate the difference directly to the beneficiary of their choice and is expected to be available this year.
“We are working with 33 Degrees to raise funds to reinvent coworking by creating life-giving workspaces that enrich, excite and inspire – it’s all about the community, convenience and giving back,” said Ramon Gonzalez, Founder of THRIVE. “THRIVE works with individuals and enterprises to create hybrid work locations with all the amenities, convenience and culture employee’s desire. It’s a powerful antidote to the Great Resignation.”