Co-working startup space operator Tank Stream Labs is preparing to open a new premium office in Sydney’s Barangaroo later this year.
Tank Stream Labs has pre-committed to 4,400 square metres across two levels in International Tower Three, part of Lendlease’s carbon neutral Barangaroo precinct.
“It’s very exciting,” Tank Stream Labs CEO Bradley Delamere told Startup Daily. “This will be our biggest office to date.
“Barangaroo is more of a premium location, so we’re looking at scale-ups with quite a bit of funding behind them and those who want to be near clients like big banks and professional services.
“Fintechs will be a big focus for us.”
At a time when venture capital funding is getting harder to come by, it seems counterintuitive that a the likes of Tank Stream Labs would be opening new spaces for early stage companies – especially when its Tech Central scale-up hub only opened in May.
Rather the success of that venture, which has reached maximum occupancy, necessitated two new extra floors dedicated to scale-ups in Barangaroo.
“Certainly there’s a lack of funding out there at the moment, especially at the earlier stage,” Delamere said.
“We’ve shifted a bit with our product offerings to focus on scale up companies.
“They have funding behind them and can afford to pay for large work spaces, but on the flipside are looking for some flexibility.
“They can’t predict their growth journey or team sizes and don’t want to be locked in long-term so they can grow and contract as needed.”
Delamere is expecting the Barangaroo space, which has already been fitted out, to be operational in November.