FastFive Opens Seolleung Branch And Plans To Expand To 13 Branches This Year

FastFive

Coworking office space company, Fastfive (Cofounder: Jiwoong Park, Daeil Kim), opened its Seolleung branch in Gangnam, Seoul.

The new Seolleung branch offers approximately 2,000㎡ space inside Gangnam Finance Plaza along with the view of Teheranro and Seonjeongneung Royal Tombs park. It is already receiving good reviews from not only small startups but also mid-size companies with 20-50 employees. For example, VCNC, the developer of ‘Between’ an exclusive messenger app for couples, cancelled its original plan of getting a separate office and moved all of its employees to Fastfive Seolleung branch.

FastFive attracted $1.1 million of investment from TS Investment, Quantum Equity Partners and ID Ventures last April. Starting with its 7th branch, Seolleung branch, it plans to expand to 13 branches in Seoul hotspots. According to FastFive, it has nominated up to its 11th branch candidate and is in the process of signing contracts with premium buildings in major subway station areas. Opening in July, the 8th branch is located in Sinnonhyeon station with an area size of 3300㎡. While the average vacancy rate of offices in Gangnam area is  over 10%, all Fastfive branches has a vacancy rate of below 1%, satisfying demands of small to medium size businesses. Recently, IGIS Asset Management, the most dominant real estate management company in Korea, invited Fastfive to its soon-to-be acquired building, offering an exceptional package including interior expense. According to its insider, Fastfive is receiving attention from other asset management companies and building owners.

According to cofounder Daeil Kim, Fastfive will be available in all major metropolitan spots in Gangnam area in the second half of the year starting from its Seolleung branch. By the end of the year, it will have a network worth of 5,000 people and 13 branches, offering new advantages to its residents.

 

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Cathy is a staff writer with Tech For Korea where she writes about interesting startups in Korea. She worked for a startup company Buttercups over the summer in Bangalore, India. She is also a student in Carnegie Mellon University. Cathy can be reached at hwaeunsh@techforkorea.com.

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