Managed by Q

Managed by Q is an office management platform company based out of New York City. The company was founded in 2014 by CEO 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
Industry
Founded2014
Headquarters
New York City, New York
,
United States
Key people
  • Dan Teran CEO and Founder
  • M. G. Siegler board member
Number of employees
100 (2020)
Parent[Eden]
Website

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 an undisclosed price in a deal according to Eden CEO and co-founder Joe Du Bey. The company also closed on a $29 million Series B1 round, led by JLL, to help fund the purchase.

History

Managed by Q launched out of beta in New York City in 2015, expanding to Chicago.[5] Later in 2015, the company raised $15 million in Series A funding and expanded to San Francisco.[6] 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.[7]

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.[8] Also that year, the company expanded to Chicago, San Francisco, and Los Angeles.[9]

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.[10] U.S. Labor Secretary Tom Perez attended the announcement and commended the company.[11]

MIT Sloan conducted a case study in 2016 on Managed by Q's growth strategies.[12] 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.[12] 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."[12]

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.[13]

In 2018, Managed by Q launched in Boston.[14] Later that year the company acquired NVS, an office space planning and management service.[15]

In January 2019, Managed by Q announced they had raised an additional $55 million as part of their Series C funding round.[1][16] 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.[17]

References
  1. "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. "Managed by Q Launches Self-Serve Marketplace To Ramp Up Growth". Fortune.
  4. "Managed by Q, an On-Demand Start-Up, Raises $25 Million". New York Times.
  5. "Managed By Q Launches Out Of Beta In NY, Expands To Chicago". Tech Crunch.
  6. "Managed By Q Sweeps Up $15M Led By RRE Ventures, Expands To San Francisco". Tech Crunch.
  7. "Managed By Q lands $30 million in Series C funding". Tech Crunch.
  8. "Managed By Q inks deal with Staples". Tech Crunch.
  9. "Managed by Q brings its 'smart' office management service to Los Angeles". Venture Beat.
  10. "Cleaners and handymen get equity at startup Managed by Q". CNN.
  11. "Managed By Q Gives 5% Of Company To Its Cleaners". Fast Company.
  12. "New case study examines good jobs and growth at Managed by Q". MIT Sloan.
  13. "Managed By Q, the office management system, acquires Hivy". Tech Crunch.
  14. "Tech roundup: Managed by Q launches in Boston, Agero acquires Swoop and more". Built In Boston.
  15. "Managed By Q acquires NVS to offer space planning and project management". Tech Crunch.
  16. "Google Ventures, RRE raise additional capital for Managed By Q". New York Business Journal.
  17. https://blog.managedbyq.com/managed-by-q-and-wework-changing-the-way-the-world-works
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