Loloft opens in Arizona, plans $10 million seed round

BusinessFinanceNorthwest Arkansas

by Talk Business & Politics staff ([email protected]) ago 0 views 

Rogers-based commercial real estate startup Loloft recently opened its second industrial co-working space as it prepares for more growth and a $10 million seed round.

Loloft opened a 51,902-square-foot industrial co-working space at Cotton Center Business Park in Phoenix. It comprises warehouse, office, co-working and cross-docking space. Membership terms start at three months.

“Even though we are a startup with ambitious plans for rapid expansion, we understand the importance of a balanced approach to growth,” co-founder Paola Ibarra said. “For this reason, we have focused on testing and refining our model rather than following rapid expansion trends in the industry.”

It plans to open new locations in high-growth areas, such as Tampa, Fla.; Minneapolis; Portland, Ore.; and Dallas. The Tampa location is expected to open in the first quarter of 2025, while the Minneapolis and Portland locations will open in the second quarter. The Dallas location is slated to open in the third quarter. Workspace Property Trust manages its suburban locations.

“At Workspace, we seek partnerships with forward-thinking companies like Loloft, who align with our commitment to meet market demands and fulfill customer needs,” said Thomas Rizk, co-founder, chairman and CEO of Workspace Property Trust. “As a recognized leader in the U.S. suburban office sector with over 200 properties nationwide, we understand that today’s workforce values convenience and flexibility.”

Loloft plans to complete a $10 million seed round by the end of the second quarter of 2025.

“Now, with a tested model, two operational locations, and our AI-enabled tech in place, we’re ready to scale our vision alongside our investors and partners, focusing on rapid yet balanced growth as we prepare for our upcoming $10 million seed round,” said Brendan Howell, co-founder and CEO of Loloft. “In addition to New York funds, we are in active discussions with Phoenix-based investors.”

Past investors include RZC Investments, the investment platform for Steuart and Tom Walton, and a seed fund managed by AOL co-founder Steve Case. Loloft has six staff.