The global growth of the co-working sector has been monopolised recently by US brand WeWork, who have achieved a valuation of $21billion since starting the company back in 2010. Whilst Africa isn’t on their radar, a new player in the market is making moves into the continent using Mauritius as their starting block. A shareholder in the venture reasoned, “Mauritius is to many a key entry point for Africa, given its reputation for good governance and reliable legal framework. Consequently, there is significant incoming investment and footfall that needs professional space and services. We believe that there is demand from the expat, international and local market, for spaces that are abundant in Europe but sparse in Africa.
The continent is changing and co-working provides for a flexible solution well suited to business in the region.” The NewCo has secured an impressive 1500m2 site in Port Louis for their first location and is now busy identifying new positions in other prime markets. They are currently in fundraising mode and welcoming applications of interest from potential partners. Projections show a 20% pa IRR.