York Butter Factory (YBF) is making waves in the local startup scene and keeping up with the holiday spirit of shopping with its latest acquisition.
The Melbourne-based co-working space and community, which focuses on tech entrepreneurs, just expanded by acquiring co-working space, Teamsquare.
Teamsquare is known for housing many tech startups and is also considered a tech hub among the startup community.
As reported, YBF will move into the three-level Teamsquare space growing its footprint by five times.
The former butter factory community will move into a former wool factory, increasing its community exponentially.
This move is the first major decision made by the new CEO Farley Blackman.
The ex-BP and GE executive join in October as part of the board, as YBF plans for the next phase of growth.
Blackman told The Australian, the acquisition would help YBF move up the local innovation food chain.
“The 3100sq m will help us attract a wider group of companies from start-ups to scale-ups.
“At YBF we do a lot more than co-working, so this acquisition means we get to layer that on top of the community building that we do,” he said.
Teamsquare co-founder and CEO Michael Shimmins stated this acquisition is a ‘multifaceted win’.
“We’re thrilled that the acquisition went through, and know both YBF and Teamsquare’s customers will benefit from the combined strengths of both businesses and will be in good hands.”
Major growth plans
This acquisition is part of a bigger plan for YBF to set it roots internationally.
“Growth and innovation are as important for us as it is for the startups, scaleups, and corporates that we enable…our new space will allow us to continue playing our role in Victoria and across Australia as we work toward keeping Australia competitive and on the cutting edge of technology globally,” Blackman told Startup daily.
Co-founder of YBF Stuart Richardson told StartupSmart Blackman’s international experience would help with the global expansion efforts.
“If York Butter Factory is going to be impactful domestically it’s going to be about how we connect globally and create those opportunities,” he said.
Making waves domestically, YBF partnered up with Mirvac to open up an ‘innovation precinct’ at Sydney’s Australian Technology Park.
The new co-working space, Hoist, will aid and empower the Sydney startup community and set to be fully completed in 2020.
Just off the tail of domestic ventures, YBF join up with five international organisations across the US and Asia Pacific.
YBF community can now access services and space of these five international organisations.
Silicon Valley co-working space BootUP, the Coworking Alliance of Asia Pacific, Singapore’s co-working space Collision8 and accelerator TheFinLab, and New Zealand and southeast Asia-based law firm Simmonds Stewart are the partners.
These recent growths among the community organisations are definitely exciting for the community. Giving us a chance to expand and also create a tighter community spirit among this growing ecosystem.
As Startup Muster reported recently, the startup ecosystem is flourishing, with each different arm of the ecosystem showing growth.
This will call for community leaders to step up and creating a more inclusive and supportive community, which is a vital part of any community growth.
Now, we just got to wait and see which direction the community is heading towards.