Managed by Q

Last updated
Managed by Q
Industry
Founded2014
FounderSaman Rahmanian, Dan Teran
Headquarters
New York City, New York
,
United States
Number of employees
100 (2020)
Parent Eden
Website https://www.managedbyq.com/

Managed by Q was an office management platform company based in New York City. The company was founded in 2014 by Saman Rahmanian and Dan Teran as a management platform including vendors for cleaning and maintenance services. [1] [2] In 2017 the company launched their marketplace which expanded their services to include IT support, inventory management, administrative staffing, and security. [3]

Managed by Q was operating as an independently run business as part of shared workspace provider WeWork, and has offices in New York City, Chicago, San Francisco, Los Angeles, and Boston. [4]

On March 3, 2020, Eden bought the New York City-based Managed by Q from WeWork for $25 million. [5]

History

Managed by Q launched out of beta in New York City in 2015, expanding to Chicago. [6] Later in 2015, the company raised $15 million in Series A funding and expanded to San Francisco. [7] The round was led by RRE Ventures; other investors included entrepreneurs Gary Vaynerchuk and Fabrice Grinda, American actress Jessica Alba, and former NBA commissioner David Stern. [8]

In 2016, the company raised $25 million in funding. [4] Investors included Google Ventures (GV) and Kapor Capital. Following another fundraising round that increased to $30 million, M. G. Siegler of GV joined Managed by Q's board. [4] Later in 2016, the company partnered with office supply retailer Staples Inc. [9] Also that year, the company expanded to Chicago, San Francisco, and Los Angeles. [10]

In 2016, Managed by Q announced its "Operator Stock Option Program", which, in addition to previously provided benefits such as 401(k) funds and health insurance, would provide stock option grants to field staff. [11] U.S. Labor Secretary Tom Perez attended the announcement and commended the company. [12]

MIT Sloan conducted a case study in 2016 on Managed by Q's growth strategies. [13] The study identified growth strategies employed by the company that were comparable to elements in "The Good Jobs Strategy", a book written by MIT Adjunct Associate Professor Zeynep Ton. [13] The book's thesis argues that "when a company deploys its workforce in smart ways, its workers can be a driver of profit rather than a driver of cost." [13]

In 2017, Managed by Q launched a marketplace platform accessible by customers and workers which expanded their services to include IT support, inventory management, administrative staffing, and security, along with standard cleaning and maintenance. [3] Later in 2017, Managed by Q acquired the task management software provider Hivy, an eFounders startup. [14] [15]

In 2018, Managed by Q launched in Boston. [16] Later that year the company acquired NVS, an office space planning and management service. [17]

In January 2019, Managed by Q announced they had raised an additional $55 million as part of their Series C funding round. [1] [18] Investors included GV once again as well as RRE.

In April 2019, Managed by Q announced they accepted an offer to be acquired by WeWork. [19]

In March 2020, Managed by Q was acquired by Eden. [20]

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References

  1. 1 2 "Managed by Q ends 2018 with a fresh $25 million in funding". Tech Crunch.
  2. ↑ "Managed by Q's "good jobs strategy" is paying off for workers—and the company". QZ.
  3. 1 2 "Managed by Q Launches Self-Serve Marketplace To Ramp Up Growth". Fortune.
  4. 1 2 3 Benner, Katie (April 2016). "Managed by Q, an On-Demand Start-Up, Raises $25 Million". New York Times.
  5. ↑ "Managed by Q's Staff Hit With Another Round of Layoffs". Commercial Observer. 2020-04-10. Retrieved 2020-12-28.
  6. ↑ "Managed By Q Launches Out Of Beta In NY, Expands To Chicago". Tech Crunch.
  7. ↑ "Managed By Q Sweeps Up $15M Led By RRE Ventures, Expands To San Francisco". Tech Crunch.
  8. ↑ "Managed By Q lands $30 million in Series C funding". Tech Crunch.
  9. ↑ "Managed By Q inks deal with Staples". Tech Crunch.
  10. ↑ "Managed by Q brings its 'smart' office management service to Los Angeles". Venture Beat. 13 January 2016.
  11. ↑ "Cleaners and handymen get equity at startup Managed by Q". CNN. 18 March 2016.
  12. ↑ "Managed By Q Gives 5% Of Company To Its Cleaners". Fast Company. 18 March 2016.
  13. 1 2 3 "New case study examines good jobs and growth at Managed by Q". MIT Sloan.
  14. ↑ "Managed By Q, the office management system, acquires Hivy". Tech Crunch.
  15. ↑ Guerrier, Philippe (2017-09-26). "Gestion de vie de bureau : Hivy passe sous pavillon américain via Managed by Q". ITespresso.fr (in French). Retrieved 2020-10-30.
  16. ↑ "Tech roundup: Managed by Q launches in Boston, Agero acquires Swoop and more". Built In Boston.
  17. ↑ "Managed By Q acquires NVS to offer space planning and project management". Tech Crunch.
  18. ↑ "Google Ventures, RRE raise additional capital for Managed By Q". New York Business Journal.
  19. ↑ "Managed by Q and WeWork: Changing the Way the World Works". blog.managedbyq.com. Archived from the original on 2019-04-03.
  20. ↑ "Confirmed: Managed by Q sells to rival Eden for what sources say is just 11% of what WeWork paid for it last year". TechCrunch. Retrieved 2020-11-16.
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