Kitt designs, builds, and manages office space for the likes of Oatly. Check out the 35-slide pitch deck it used to raise $8 million from Hoxton Ventures.
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- Kitt, which designs, constructs, and manages office space, just raised $8 million.
- The startup secured investment from Hoxton Ventures, early backers of Babylon Health and Deliveroo.
- We got an exclusive look at the 35-slide redacted pitch deck it used to raise the funds.
Steve Coulson just wanted to get on with running his business, a platform to help people find car parking spaces. Instead, he was consumed by a quirk of his Kentish Town, London, office space: a leaky AC unit.
“I’m not exaggerating, the air conditioning was dripping on investors during pitching meetings,” he told Insider. The unit, in the boardroom, had a knack of blowing out cold air in winter and warm air in summer, he said.
It was this experience, and the subsequent chasing of the landlord for repairs, that germinated the seed of his next business: managed office space.
Coulson launched Kitt in 2019, a company that designs and fits personalized office spaces in rented units and counts the likes of alternative milk company Oatly as a customer. Now, the startup has nabbed an $8 million seed extension led by Hoxton Ventures, which is well known for its investments in Babylon Health, Darktrace, and Deliveroo.
Kitt has a marketplace of office space to connect landlords and commercial tenants. It works with potential tenants to understand its brand values and designs a space that suits them. It then takes care of construction and kits the space out.
With the rise of remote work, office space is now seen as a strategic decision, Coulson said.
“A lot of it is around talent and the brand manifesting in the work that’s happening. They are heavily, heavily branded spaces with very, very few desks. You walk in and you’re in another world,” he said. It helps them do deals and retain and attract the best staff, he added.
The startup also manages the space and offers IT support – so hopefully no one is left with a leaky AC unit like he previously was.
The fresh cash, which brings the company’s total raised to $10 million, will be used to enter the New York market. Coulson has moved to the city and will grow a Stateside team of up to 10. Kitt’s overall headcount is currently 75.
New York is a particularly attractive opportunity because there is a greater resistance to returning to the office, rents are high, and there just aren’t enough good spaces, Coulson said. He hopes to change that.
Kitt is asset-light, meaning in London its customers pay for the office refit and furniture. New York has a slightly different model, Coulson said, and Kitt is willing to take on the “furniture risk.”
Coulson expects the UK side of the company to be profitable next year.
The startup opted for a seed extension rather than a Series A due to its stage; it’s still generating proof points around scaling in different markets, Coulson said.
Check out the 35-slide redacted pitch deck below.