Brooklyn-based co-working company Industrious raised $37 million in a Series B funding round, the startup announced Tuesday.
Riverwood Capital led the round, which also included Outlook Ventures and Maplewood and brought Industrious’ total funding to $51 million to date.
Industrious is one of a handful of firms looking to challenge $16 billion behemoth WeWork in the nascent co-working industry. The firm’s co-founder and CEO Jamie Hodari told The Real Deal that it plans to spend the bulk of its new funds on building out and opening new co-working spaces across the U.S. It currently runs a dozen spaces, including one in Brooklyn at 594 Dean Street, and wants to add 12 more.