What SparkPlus does

SparkPlus (주식회사 스파크플러스) is a Seoul-based shared-office and flexible-workspace operator founded in May 2016 as a joint venture between AJU Hotel & Resort and the startup accelerator SPARKLAB. The company operates 41 shared-office branches in prime transit-oriented locations across Seoul and Gyeonggi province, covering the major business districts of Gangnam, Yeouido, Seongsu, Hongdae, Samsung/Coex, Euljiro, Dongdaemun, Jamsil, Gwanghwamun, Seoul Station, and Bundang. Each branch sits within a 3-minute walk of a major subway station, and the COEX branch inside Starfield Mall is the largest shared-office location in Korea. The platform is unified by a proprietary Office OS that integrates payment processing, QR-code access, meeting-room booking, contract and billing settlement, and operations management across all branches, with the SP Workspace mobile app (launched 2022) serving as the member-facing interface. OFFICE 2.0 IoT systems automate lighting and climate at newer locations. Customers lease private offices (ranging from single-person rooms to a 177-person enterprise room at Seolleung), supported by dedicated on-site community managers at every branch, with cumulative tenants reaching 5,478–5,921 companies and approximately 40% remaining customers for 3+ years.

SparkPlus runs a multi-product platform that extends well beyond core office leasing. Office B (launched May 2024) is a sub-brand offering fully furnished, move-in-ready offices for SMEs up to 50 employees, with four branches opened by August 2025; rapid lease-ups (100% in one week at Yeoksam 1, 100% in three months at Yeoksam 2) have validated demand. The Enterprise Lounge provides enterprise clients access to 70+ lounges nationwide; the 1-Person Business Desk and individual lounge passes serve solo operators; satellite-office services enable distributed-workforce arrangements; and space rental (meeting rooms, IR rooms, seminar rooms, event halls, studios) is offered to both tenants and external clients. Adjacent services include interior design (SparkPlus Interior / Project Note for real-time construction sharing), Operation Management (outsourced office operations for NH Nonghyup Bank, Woori Financial Dinolab, SKT satellite offices, and BizDevStar), franchise, the Connect referral program (5% of monthly rent for up to 12 months), a broker partnership channel, and the recently launched Prime Office Advertising business (digital signage, in-app banners, print, pop-up zones reaching approximately 20,000 office workers daily) and Morning Snack Plus (KRW 50,000/month breakfast subscription, launched March 2026).

The business model combines subscription-based recurring revenue from office leases and memberships with transactional revenue from space rental, advertising, and interior design, plus one-time franchise fees (KRW 10M franchise fee, KRW 5M training fee, KRW 5M opening support) on top of which franchisees invest KRW 210–281M per 60–100 pyeong location. Distribution spans direct sales (dedicated account managers, website inquiries, and phone), the broker partner channel, the Connect referral program, the franchise channel, and corporate sales for Enterprise Lounge and Operation Management. Disclosed revenue reached KRW 75.8 hundred million (~$52M USD) in 2024 and KRW 76.6 hundred million (~$53M USD) in 2025 — the ninth consecutive year of revenue growth — with operating profit reportedly reaching KRW 82–102 hundred million in 2024–2025, marking three consecutive profitable years after a KRW 3.2B operating loss in 2021. Cumulative funding raised totals approximately KRW 80 hundred million (~$55M USD) across a KRW 20B Series A (2018), a KRW 30B Series B (2019), and the 2021 strategic investment from SK Telecom and Mirae Asset Group; SKT and Mirae Asset also function as enterprise customers.

Name

SparkPlus

Legal name

주식회사 스파크플러스

Website

https://sparkplus.co

Company type

Private

Founded year

2016

Operating status

Operating

Headcount range

101–250 employees

Short description

SparkPlus operates 41 shared-office locations across Seoul and Gyeonggi, serving startups, SMEs, and enterprises. It generates revenue through private office leases, lounges, enterprise memberships, franchise fees, interior design, and office operations management, reaching approximately KRW 76.6 billion in 2025.

Ownership category

akta.pro rank

Headquarters

HQ city

Seoul

HQ country

South Korea

HQ region

Asia

Offices35 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Infrastructure, Personnel, Operations, Marketing or Sales, Technology or R&D, Supply Chain

Revenue model

1. Office Space Rental: Monthly rental revenue from 41 shared office locations across Seoul and Gyeonggi. Offices range from 1-person rooms to large dedicated floors (e.g., 177-person room at Seolleung). Core revenue driver, contributing to the majority of company revenue (KRW 758–766 billion in 2024–2025).
2. 1-Person Business Desk Membership: Monthly subscription for dedicated assigned seats in a business desk zone. Starting from KRW 350,000–400,000/month with 6-month minimum contracts. Includes nationwide lounge access and all shared facilities.
3. Lounge Membership: Monthly subscription for lounge access. Subscription types include Everyday, Weekend, and Plus tiers. Also available as single-day passes. 70+ nationwide lounge locations are accessible under membership plans.
4. Space Rental (공간대여): Revenue from renting meeting rooms, IR rooms, seminar rooms, event halls, and studios to both tenant companies and external organizations. Available at all 41 branches.
5. Prime Office Media Advertising: Advertising revenue from 41 prime office locations reaching 20,000 office workers. Ad products include outdoor digital signage (in elevator halls, lounges), in-app banners, print advertising (coffee cups, posters), and experiential pop-up zones. Targets 20–50 year-old professionals.
6. Franchise Fees and Support Fees: One-time franchise fee of KRW 10 million plus training fee (KRW 5 million) and opening support fee (KRW 5 million). Construction costs of KRW 190–261 million per location (60–100 pyeong). Franchisees generate recurring rental income from tenants.
7. Connect Referral Program Commission: Referral partners earn 5% of monthly office usage fees for up to 12 months when referred companies lease 4+ person offices for 3+ months. Commission is net of 3.3% withholding tax.
8. Interior Design Services (인테리어): Modular interior design services for office spaces. Pricing is transparent and immediate — costs are calculated upon option selection. Services include meeting rooms, executive rooms, and modular furniture. Revenue from both franchise operations and external clients.
9. Office Operation Management Services (운영대행): Full-service office operations management for building owners and other companies, including staffing, facility maintenance, OS system setup, and equipment rental. Clients include NH Nonghyup Bank, Woori Financial Dinolab, SKT satellite offices, and BizDevStar.
10. Morning Snack Plus Subscription (모닝스낵 플러스): Monthly subscription at KRW 50,000 for daily breakfast delivery to tenant companies. Launched March 2026 at Gangnam branches 1–6, with expansion planned nationwide.

Pricing tiers

Go-to-market motion4 records

Distribution channels9 records

Marketing channels10 records

Core offering

SparkPlus operates a network of 41 shared office locations across Seoul and Gyeonggi, leasing private offices (1-177 person rooms), dedicated single-person desks, and lounge access through monthly subscriptions. The core offering is fully serviced, furnished, transit-adjacent office space with 24/7 access, meeting rooms, unlimited coffee, and on-site community manager support. Adjacent revenue lines include the Office B sub-brand for SMEs up to 50 employees, a franchise program, an enterprise lounge membership, operation management services for landlords, interior design, brokerage referrals, advertising media, and satellite office services for distributed workforces.

Product overview

스파크플러스 operates as a multi-brand office platform comprising shared office spaces, a中小型企业 branded office product, and a suite of operational and adjacent services. The core product is the 공유오피스 (Shared Office) — private rented rooms across 41 prime transit-oriented locations in Seoul and Greater Seoul, with full infrastructure and membership services. This is complemented by 오피스B (Office B), a sub-brand offering fully furnished中小型企业 offices for up to 50 employees. Supporting the core office products are: 라운지 and 기업형 라운지 (flexible lounge access, including enterprise-wide memberships across 70+ locations), 1인 비즈니스 데스크 (assigned dedicated desks for solo operators), and 공간대여 (space rental for meetings, events, and filming). Ancillary services include: 스파크플러스 인테리어 (interior design using modular components), 커넥트 프로그램 (office referral revenue share), 중개 문의 (broker partnership program), 운영대행 (full operations outsourcing), 프랜차이즈 (shared office franchise), and 광고 상품 (prime office media advertising). The platform is unified by 오피스PLUS (SP 워크스페이스), an all-in-one membership app handling QR access, meeting room booking, visitor invites, and partner benefits. Additional offerings include 워크플러스 (custom office curating) and 빌딩플러스 (中小型企业 building rental management).

Differentiator

Problem solved

Functional benefit

Brands

• 오피스B: 중소기업을 위한 풀옵션 완성형 사무실 브랜드. 인테리어·가구·IoT 시스템까지 갖춰진 50인 이하 기업 대상 중소형 오피스.
• 빌딩플러스
• SP 워크스페이스 (SP Workspace)
• 모닝스낵 플러스
• 오피스B

Products and services

• Shared Office (공유오피스) Flexible shared office spaces across 41 prime transit-adjacent locations in Seoul and Greater Seoul. Businesses lease private rooms sized from 1-person up to 177-person rooms (Seolleung) with full infrastructure including furniture, meeting rooms, lounge access, 24/7 HVAC, unlimited coffee, and daily cleaning services.
• Office B (오피스B) Sub-brand offering complete fully-equipped private offices for SMEs (up to 50 employees). Includes interior design, furniture, and IoT systems. Currently operating 4 locations (Yeoksam 1st May 2024, Yeoksam 2nd Dec 2024, Seolleung Jan 2025, Dongdaemun Park Aug 2025). Yeoksam 1st achieved 100% leased within 1 week of opening.
• 1-Person Business Desk (1인 비즈니스 데스크) Assigned dedicated desk within a private business desk zone for solo operators. Includes partitions, 3-drawer locking cabinet, personal mailbox, and exclusive access. 6-month minimum contracts with business address registration eligibility. Starting at KRW 350,000-400,000/month per seat with nationwide lounge access.
• Lounge (라운지) Pay-per-use or subscription-based flexible workspace within SparkPlus offices. Includes open tables, monitor desks, phone booths, and café areas for individuals or teams. Subscription types include Everyday, Weekend, and Plus tiers; single-day passes also available across 70+ nationwide lounge locations.
• Enterprise Lounge (기업형 라운지) Corporate-dedicated lounge access across 70+ SparkPlus locations for companies with distributed/flexible workforces. Includes QR-code mobile app access, real-time meeting room booking, and admin dashboard for usage and attendance management. Prepaid and postpaid billing models available.
• Space Rental (공간대여) Hourly or daily rental of meeting rooms, IR rooms, seminar rooms, event halls, and studios at all 41 branches. Available to both SparkPlus tenants and external organizations via online booking. Use cases include corporate events, town halls, workshops, and filming.
• Satellite Office (거점 오피스) Service for companies adopting distributed/flexible work — provides employees access to SparkPlus lounges nationwide.
• Interior Design (인테리어) Office interior design and construction service leveraging SparkPlus's operational experience with hundreds of offices. Offers modular options (meeting rooms, executive rooms, cantines) with real-time transparent pricing. Includes 1-year A/S and project tracking via Project Note system.
• Connect Program (커넥트 프로그램) Open referral program where any individual or company can recommend office-seeking companies to SparkPlus and earn 5% of the referred company's monthly usage fee (excluding VAT, after discounts) for up to 12 months. Requires 4-person or larger office contracted for 3+ months. 3.3% withholding tax deducted before payment.
• Brokerage Service (중개 문의) Broker partnership program for real estate agents. SparkPlus responds to broker inquiries within 30 minutes, delivers custom proposals within 1 hour, and pays commission within 30 days of tenant contract signing. Covers 41 locations.
• Operation Service (운영대행) Full office operations outsourcing for building owners or companies. Covers staffing (community managers, cleaners), facility maintenance, OS system setup, and equipment rental. Customized consulting based on existing operational budgets. Clients include NH Nonghyup Bank (Diginovation Campus), Woori Financial Dinolab, SKT satellite offices, and BizDevStar.
• Franchise (프랜차이즈) Shared office franchise program offering a 10-year business model. SparkPlus supports franchisees with site selection, space design, construction, operations, sales, and marketing. Franchise fee KRW 10M, training KRW 5M, opening support KRW 5M, construction KRW 190-261M; total investment KRW 210-281M for 60-100 pyeong spaces. 6-step onboarding process from inquiry to opening.
• Prime Office Advertising (광고 상품) Targeted workplace advertising media reaching 20,000 office workers across 41 Seoul/Gyeonggi locations with minimum 7 daily touchpoints per worker. Ad products include outdoor digital signage (elevator halls, lounges), in-app banners, print advertising (coffee cups, posters), and experiential pop-up/sampling zones. Targets 20-50 year-old professionals. Contact [email protected].
• SP Workspace (SP 워크스페이스) Mobile App All-in-one membership app providing QR-code building access, meeting room and event hall reservation, visitor invitation, and access to partner benefits (legal, accounting, finance, travel, F&B) across all SparkPlus locations.
• Morning Snack Plus (모닝스낵 플러스) Monthly subscription at KRW 50,000 for daily breakfast delivery to tenant companies. Launched March 2026 at Gangnam branches 1-6, with expansion planned nationwide.
• Building Plus (빌딩플러스) Mid-small building rental management program for landlords. Handles rent billing, settlement, and contract management for small and medium-sized buildings.
• Custom Office (커스텀 오피스) Customized office curating service that helps companies find and build offices suited to their scale and work style. Covers space search, design, and ongoing operations management.

Quantifiable outcome

• 40% of tenant companies are 3+ year customers, demonstrating high retention
• +5 more outcomes

Named customers33 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Eleven partnerships are on record, tiered core and minor.

• Bespin Global (베스핀글로벌)coreStrategic or Co-development Partner · 1 March 2026Joint hosting of C-level seminar '2026 C-Level로 살아남는 방법' with SparkPlus and AWS. Heo Yang-ho, CEO of Bespin Global, participated as keynote speaker.
• Amazon Web Services (AWS) KoreacoreStrategic or Co-development Partner · 1 March 2026Joint hosting of C-level seminar '2026 C-Level로 살아남는 방법' alongside SparkPlus and Bespin Global. AWS Korea participated as co-organizer.
• Naegalscan (내집스캔) / Korea Real Estate Data Research Institute (한국부동산데이터연구소)minorStrategic or Co-development Partner · 1 March 2026Partnership to provide SparkPlus tenant employees with discounted 'Real Estate Safety Report' service. Helps employees verify real estate transaction risks including deed analysis, landlord asset estimates, and rights relationships.
• Breakfast Delivery Partners (for Morning Snack Plus)minorOthers · 1 March 2026Breakfast delivery service for the Morning Snack Plus subscription (KRW 50,000/month), launched March 2026 at Gangnam branches 1–6. Food service supply chain partners enable daily breakfast delivery to tenant companies.
• Modoo Sign (모두싸인)minorOthers · 1 February 2026Electronic contract service included in SparkPlus's 2026 Startup Win-Win Package as a benefit for tenant startups. Part of the inter-tenant win-win ecosystem.
• Choe & Lee Law Offices / Degimann (최앤리 법률사무소)minorOthers · 1 February 2026Online corporate registration service (등기맨) included in the 2026 Startup Win-Win Package. Part of SparkPlus's inter-tenant win-win ecosystem.
• Conatus (코나투스)minorOthers · 1 February 2026Quick delivery service included in SparkPlus's 2026 Startup Win-Win Package as a benefit for tenant startups. Part of the inter-tenant win-win ecosystem.
• NH Nonghyup Bank (NH농협은행)coreOthersCustomer of SparkPlus office operation management service (운영대행). SparkPlus manages NH Nonghyup Bank's Diginovation Campus office.
• Woori Financial Group Dinolab (우리금융지주 디노랩)coreOthersCustomer of SparkPlus office operation management service. SparkPlus manages the startup campus facility for Woori Financial Group's Dinolab.
• SK Telecom Satellite Offices (SKT 거점오피스)coreOthersSparkPlus provides satellite office management services for SKT's distributed workforce locations.
• Office Furniture and Appliance Rental SuppliersminorOthersRental suppliers for office furniture and appliances used in SparkPlus's interior design and franchise operations. Referenced in franchise investment costs under 'basic construction' (가전 렌탈).

Scale indicators12 records

Recent moves18 records

Expansion highlights6 records

Broad incumbents

• IWG / Regus: Global leader in flexible workspace with Spaces, Regus, and Signature brands operating in Korea. Larger, more established incumbent offering flexible offices at scale across multiple geographies and price points.
• Knotel (now part of Newmark): Flexible office operator focused on enterprise custom-branded headquarters solutions. Comparable in providing tailored office solutions to enterprises, now part of Newmark Group after 2021 acquisition.
• Industrious: US-focused premium flexible office operator providing enterprise-grade workspace solutions. Comparable in serving enterprise tenants with high-touch service, though concentrated in North American market.

Regional players

• Mindspace: European flexible workspace provider with premium offices in major cities. Comparable product offering for SMEs and enterprises in prime locations, though operates in Europe/Middle East rather than Asia.
• The Executive Centre: Premium serviced office provider across Asia Pacific (Hong Kong, China, Singapore, etc.). Comparable in targeting premium office space for enterprises in prime business districts, though focused on different geographies.
• JustCo: Asia-Pacific coworking operator headquartered in Singapore with presence across Southeast Asia. Comparable shared office product offering and target customer base (SMEs, enterprises), though not directly competing in Korea.

Direct peers

• FastFive (패스트파이브): Korea's other leading shared office/coworking operator with multiple Seoul locations and comparable product offerings (private offices, meeting rooms, lounge access). Most direct domestic competitor to SparkPlus in the Korean shared office market.
• WeWork Korea: Global coworking brand operating in Korea (Seoul locations). Offers comparable flexible office solutions targeting similar enterprise and SME customers in prime Seoul business districts.

Others

• Dagoo / Spacecloud (Korean platform players): Korean office space marketplace and management platform. Adjacent rather than directly competitive—operates as a technology-enabled brokerage/matching service for office space rather than owning/operating locations.
• 하나투어 오피스 / 원룸 등 Korean sub-leasing operators: Smaller Korean office sharing/sub-leasing operators serving similar SME customer base. Less direct overlap but compete for the same Korean SME office rental demand pool.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks5 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Funding overview

Funding rounds3 records

Investors11 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about SparkPlus