Coworking space startup iSprout closed $4 million pre-Series A funding from private investors and plans to raise fresh funds in a Series A funding which will close in June.
iSprout Business Center is a home for inspiring workspaces designed to meet the needs of ever-expanding businesses. According to the startup, the funds raised in the previous round were used to expand its presence in existing markets such as Hyderabad, Bengaluru, Chennai, and Pun. The next $10 million in Series A funding proposed by iSprout would be used to fund its expansion plans in the managed office space market. A significant portion of the funds would also be used to develop proprietary technologies to automate critical processes. iSprout is also aggressively attempting to enter new markets such as NCR, Mumbai, and Kolkata. The startup currently operates more than 100 coworking spaces in 11 locations.