5X Capital acquires stake in Colony Coworking Space to capitalise on booming flexible workspace market

KUALA LUMPUR, MALAYSIA - Media OutReach - 16 January 2023 - 5X Capital, a private equity fund with a diverse portfolio of companies including BFM Radio and Vida has acquired a stake in Colony Coworking Space.

Colony Coworking Space, which currently operates 12 locations in Kuala Lumpur between its namesake brand and its mass-market brand Jerry, has a total footprint of 170,000 square feet in Kuala Lumpur. The group's revenue grew 74% in 2022 and EBITDA grew by 265% year-on-year to an all-time high.

With this strategic investment, 5X Capital is looking to capitalise on the growing Flexible Workspace Market in Malaysia by investing in one of the largest Coworking operators in the country.

"We feel privileged to be invested into Colony, a team whose offering we love, has great execution and business acumen. This is an incredible opportunity and we will meaningfully support them for greater growth," said a representative of 5X Capital. "Their success in being one of the few profitable coworking operators in the industry is a testament to the company's strong brand and execution".

"Colony has always been about sustainable growth: Growing while maintaining a minimum of being EBITDA neutral so we don't burn cash. With that we find 5X Capital as partners that are aligned with our goal of sustainable growth," said Timothy Tiah, CEO of Colony Coworking Space. "Their experience and resources will be invaluable as we continue to expand and meet the growing demand for coworking spaces in the region."

Colony earlier this month also announced a new deal with property developer Sunsuria Berhad to open a new Colony in Sunsuria Forum at Setia Alam.
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The issuer is solely responsible for the content of this announcement.

About 5X Capital

5X Capital is a dynamic private equity fund that focuses on investing in and growing a diverse portfolio of companies in Southeast Asia. With a strong track record of success, 5X Capital is dedicated to identifying and supporting companies with high growth potential in the region. The fund typically invests up to RM20 million in its portfolio companies, helping them to achieve their goals and reach their full potential. 5X Capital's team brings a wealth of experience and expertise to the table, and is committed to working closely with its portfolio companies to drive growth and success.

About Colony Coworking Space

Colony Coworking Space is a leading provider of flexible workspace solutions in Malaysia. With 12 locations across Kuala Lumpur, Colony offers a range of options for its clients, including its flagship luxury brand as well as its mass-market brand, Jerry. Since its founding in 2017, the company has raised close to RM30 million from investors and landlords to build its spaces, and is today one of the top flexible space operators in the country. Backed by prominent family offices and private equity funds, such as Oak Drive Ventures and Cornerstone Partners Group, Colony provides an unparalleled level of service and amenities to its clients.