Codi, the start-up revolutionizing commercial real estate, raises $16 million

Once a month, members of the CLUB Silicon Valley incubator meet in an office in Palo Alto, rented on the Codi platform. No long-term lease, no logistics to manage, a dedicated location adapted to the specific needs of the CLUB are reasons that led Laraine McKinnon, founder of the incubator, to turn to Codi. ” The flexibility offered by this rental model is quite unique, she thinksand allows you to optimize office spaces that would otherwise be underused or rented in order not to be occupied. »

simplified booking

Commercial space leasing is not new, but Codi, a Californian start-up co-founded by Christelle Rohaut and Dave Schuman in 2018, aims to dust off traditional models of commercial space occupancy. In fact, it offers a turnkey office rental model for companies whose real estate needs have changed significantly since the pandemic. In September, Codi announced that it had raised $16 million in Series A, validating the company’s potential. ” In this post-Covid period where work habits have changed, offices are underutilized. Codi decentralizes access to workspaces: we adapt them, equip them with different services, from wifi to snacks and coffee, and we rent them according to the needs of each company. »

In concrete terms, booking a Codi has been optimized to be as simple as possible: you fill in a questionnaire on the platform to specify the location, the number of people, the facilities and services needed, the rental fee and the start-up is responsible for offer a choice of available spaces that meet these criteria. In two to four weeks, you can start using your Codi.

Facilitate the rebuilding of corporate culture

Codi is thus positioned in a still unexplored niche: the personalized and short-term rental of commercial spaces that, for some, have been unoccupied since 2020. The company thus transformed its field of activity, moving from renting private spaces to commercial . Initially called Hiven, the company made it possible to book coworking spaces with individuals. The pandemic has completely changed the game, and since October 2021, Codi has only focused on commercial spaces.

With hybrid working models, renting space in homes has become obsolete: now, finding colleagues in an office is a change of scenery in its own right. The name Codi was also preferred to Hiven to signify the desire to innovate. ” We wanted a name that didn’t already have a predefined meaning, while Hiven clearly came from Hive, the hive, so we could construct its meaning and insert it into the language.explains Christelle Rohaut. We refer to spaces as Codi, which more reflects the novelty of the type of space being created. »

development in the United States

In addition to this internal model change, Codi hopes to bring about a revolution in the highly coded world of commercial real estate. ” Entering this world was a shock: nothing has changed in thirty or forty years, rental models have remained very archaic and yet long-term rentals are a thing of the past, underlines the co-founder of Codi. We help real estate agents and office owners keep up to date with potential clients’ expectations. The financial motivation and the fact that many companies have already trusted us complete their conviction. »

In six months, Codi has already multiplied its income by twenty, hired employees and, above all, raised $16 million that will allow it to accelerate its growth in the San Francisco, New York area, and then expand elsewhere. The company receives a lot of orders and plans to set up shop in Toronto, Seattle and Austin soon.

In the long term, Codi intends to strengthen the cohesion of the companies that use its services: “ Companies turn to us so their employees can collaborate and spend time face-to-face in a single space. By building the best office rental platform, we hope to become a catalyst for corporate culture, a notion that has been diluted a bit during the pandemic. »

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