The investment arm of the sovereign wealth fund of Kuwait has backed flexible workspace provider Knotel to raise $400m (€360.8m).

Knotel said the amount raised, led by Wafra, will be used to grow Knotel’s footprint in existing markets, continue expansion and deepen its engagement with global enterprise accounts.

Other investors to back the latest financing round include Japanese firms Mori Trust, Itochu and Mercuria.

Returning and previous Knotel investors include Norwest Venture Partners, Newmark Knight Frank, Bloomberg Beta and Rocket Internet.

Founded in 2016, Knotel has over 4m sqft across over 200 locations in New York, San Francisco, Los Angeles, Washington DC, Boston, Toronto, London, Berlin, Paris, São Paolo and Rio de Janeiro.

Amol Sarva, co-founder and CEO of Knotel, said: “Knotel is building the future of the workplace, and we are excited to welcome a group of investors who believe passionately in our product, vision and ability to execute.”

“Wafra will help us continue our rapid global expansion and solidify our position as the leader in a fast-growing, trillion-dollar flexible office market.”