Expansive Company Profile

Background

Expansive, formerly known as Novel Coworking, is a privately held American company specializing in flexible workspace solutions. Founded in 2012 by Bill Bennett, the company is headquartered in Chicago, Illinois. Expansive's mission is to create workspaces where individuals and companies can thrive both professionally and personally. By owning and operating its properties, Expansive offers a range of workspace solutions, including private offices, office suites, and coworking memberships, catering primarily to entrepreneurs, small businesses, and enterprise clients seeking flexible office spaces.

Key Strategic Focus

Expansive's strategic focus centers on providing cost-effective, flexible workspace solutions across the United States. The company differentiates itself by owning the buildings it operates, allowing for greater control over infrastructure investments and the ability to offer competitive pricing. Expansive's portfolio includes over 40 locations in more than 30 cities, encompassing approximately 3.8 million square feet of workspace. This extensive network enables the company to serve a diverse clientele, from solo entrepreneurs to large enterprises, offering various workspace options such as private offices, SmartSuites®, dedicated desks, and event spaces.

Financials and Funding

Expansive has demonstrated significant growth since its inception. As of January 2025, the company reported an annual revenue of approximately $35 million, with a workforce of around 189 employees. In 2019, Expansive secured a later-stage venture capital funding round amounting to $654 million, backed by investors including Evolution VC Partners, FinRebel, and Wasson Enterprise. This capital infusion has been instrumental in expanding the company's property portfolio and enhancing its service offerings.

Leadership Team

Bill Bennett – Founder & Principal

Bill Bennett holds an MBA from the Kellogg School of Management, an MS in Engineering from Northwestern University, and a BS in Engineering from Purdue University. Before founding Expansive, he was involved in an energy storage company that transitioned from a startup to a public entity. With over 18 years as a principal real estate investor, Bennett has experience with real estate private equity funds and apartment development projects exceeding $500 million. Additionally, he serves as a faculty member at Northwestern University's Kellogg School of Management, teaching MBA courses in real estate.

Competitor Profile

Market Insights and Dynamics

The flexible workspace industry has experienced substantial growth, driven by the increasing demand for adaptable office solutions from startups, small businesses, and large enterprises. The market is characterized by rapid expansion, with companies seeking cost-effective and flexible alternatives to traditional office leases.

Competitor Analysis

Expansive operates in a competitive landscape alongside several key players:

WeWork: A global leader in the coworking space, offering a wide range of office solutions with a significant international presence.

Industrious: Focuses on providing premium coworking spaces with an emphasis on hospitality and community.

Knotel: Specializes in customizable office spaces tailored to the needs of mid-sized and enterprise companies.

Convene: Combines coworking spaces with event venues, catering to corporate clients seeking flexible meeting and workspace solutions.

Spaces: Offers creative work environments with a focus on design and community, appealing to a diverse clientele.

Strategic Collaborations and Partnerships

Expansive has engaged in strategic financial partnerships to support its growth initiatives. Notably, the company secured a $7.5 million loan from Bellco Credit Union for property development, demonstrating financial stability and potential avenues for further collaborations.

Operational Insights

Expansive's ownership model provides a distinct competitive advantage, allowing the company to invest in property enhancements and offer lower pricing compared to competitors who lease their spaces. This approach enables Expansive to maintain control over the quality of its workspaces and adapt quickly to market demands. The company's diverse range of workspace solutions, including private offices, SmartSuites®, and event spaces, positions it to cater to a broad spectrum of clients, from solo entrepreneurs to large enterprises.

Strategic Opportunities and Future Directions

Looking ahead, Expansive is poised to capitalize on the growing demand for flexible workspaces by continuing to expand its property portfolio and enhancing its service offerings. The company's ownership model and strategic financial partnerships position it well to navigate the evolving market dynamics and meet the diverse needs of its clientele. By focusing on operational excellence and fostering vibrant professional communities, Expansive aims to solidify its position as a leader in the flexible workspace industry.