Breather Raises $40M for Offices on Demand

breather

Have you ever needed a professional office space for just a few hours but found it impossible to secure a good location? Breather Products, Inc. has the solution for your problem. Whether you need the area for a quiet place to work, to schedule important meetings or to simply relax and get away from the grind for a while, this innovative new company can help you find the perfect space that will meet your needs.

Breather is a new startup company that has its headquarters located in Montreal, QC (Canada). It was founded in 2013 by Julien Smith and Catarina Rizzi. The pair were aware that there is a need for quality private spaces which could be rented for various durations which range anywhere from an hour to an entire day. Smith himself had gone through periods in which he could have used such a space to get away in order to maximize his productivity and this is what gave him the inspiration to form Breather.

The goal of the Breather company is to act as a provider of designated spaces which could be rented quickly when emergency situations happen. This offers great convenience for professionals who don’t have a place to go and who do not want to commit to costly monthly rental rates or even ore expensive, the purchase of an office space. Smith and Rizzi have established a network of rental spaces which are available as soon as their clients need them with a very fast turn around time.

It took Breather staff one hundred days to obtain one hundred workable spaces which were ready to launch. It was another one hundred days until the launch of their second round of one hundred spaces. Currently, they maintain two hundred and fifty office spaces within the United States alone.

A closer look at how Breather operates

Breather staff appropriate spaces by leasing the small areas including nooks and crannies which are not being used. They sign an agreement for leasing the space for a period of three to five years and retain the space for inclusion in their networks of rentals which are made available for clients. The Breather team goes into the leased space and makes it attractive, functional and fit for occupancy. They are outfitted with high end office furnishings, many of which have been donated to the company by high end designers and retailers. All of the spaces are made attractive prior to their addition to the network of available spaces. Although some are no larger than a large broom closet, they are configured for the maximum usage of space fit for professional use. They take care of all of the maintenance tasks and reserve a space of time in between each rental period for cleaning and inspection to ensure that the area is ready for the next renter.

Current locations

Breather has secured more than one hundred locations throughout the city of Montreal, Ottawa, Boston, New York and San Francisco. The latest additions to the group were added in 2016. These include locations in the cities of London, Toronto, Washington D.C., Los Angeles and Chicago.

What makes Breather unique?

Perhaps the most innovative part of the business is that they offer small spaces on demand and for whatever durations of time are needed. They take the hassle of finding office spaces out of the equation to add total convenience for clients. Their skillful use of technology and real estate management is how they are able to maintain a healthy network of available spaces.

Who can book a space on Breather?

The majority of clients are those with a corporate connection. The spaces are perfect for conducting most types of business. The company however, does not place restrictions on who can rent the spaces. Anyone who is looking for a getaway that is located within an office setting can make a rental for a designated period of time.

Fundraising for Breather

They’ve had some fairly remarkable success in fundraising efforts. Since their inception in 2013, the company raised twenty eight and a half million dollars in venture capital. Their series B funding was led by Peter Thiel who is the co-founder of PayPal, and his Valar Ventures firm. This brought in an additional twenty million dollars and they were not finished. They brought in an additional round of funding in a Series C campaign led by Menlo Ventures and other investors already connected with previous investment to the tune of forty million dollars. The company is planning yet another expansion in the upcoming year.

There is record of yet another effort which includes the filling for Series D funding in the amount of 19.92 million for the purpose of the conversion of indebtedness. While it is not required for applicants to disclose the name of the business, Julien Smith has opted to allow it to be public. This has certain benefits attached because it makes it easier for attracting other investors such as angels and venture capital firms. It also helps to raise consumer confidence as they will know that the business has a firm financial network of support.

Final thoughts

The Breather Company is perhaps the first of its’ kind. Smith and Rizzo took a good idea and expanded upon it to help satisfy a very real need within the corporate world. Although we don’t currently have the statistics to show their rental rate or just how successful that they have been to date, we assume that investor confidence and the sheer number of units that they have procured, along with current expansion are all indications that the company is hitting its goals. We’re looking forward to hearing more about Breather as they continue with their global expansion. Their approach in using technology to connect people with the spaces that they need and when they are needed is nothing short of brilliant. In the current day and age, members of society expect and even demand convenience in most areas of their lives. The services that Breather offers could not be made simpler and we believe that the company is well on its’ way to a successful future.

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