Yopa co-founder Andrew Barclay has led a £2m funding round for a start-up commercial property business.
Barclay resigned as a director of Yopa in May, but his relative Alistair Barclay remains on the board. Both are members of the family that owns the Telegraph.
Andrew Barclay has joined the board of Kitt Technology.
Kitt describes itself as a managed office platform, offering smaller and growing businesses an alternative to shared workplaces.
Tenants can visualise and design their workspace using virtual reality. In partnership with the landlords, Kitt then fits the office out and manages it.
The commercial office market in the UK is worth £19bn a year, with managed offices representing 5% of the market currently and predicted to grow by 30% annually over the next five years.
Commercial rents have fallen in the last nine years, with many landlords switching to co-working models to maximise their incomes.
Steve Coulson, who co-founded Kitt with Lucy Minton last year, said: “In just a few months we’ve taken on 20 spaces in office buildings in London, and have partnered with dozens of different companies to give them their own unique and fully managed office, designed just for them.
“Increasing numbers of growing businesses feel that shared working isn’t for them – either because of the high costs or because they want their own brand on their office, not someone else’s.
“They also want to design their own fit-out and only pay for the office services they actually need but without the pain points of traditional leasing. Kitt is able to join up these two different parts of the market very successfully.”
Kitt plans to be the largest provider of bespoke managed office spaces in London by next year and has plans to roll out to other cities.