MIAMI—Pipeline Workplaces sold a minority stake in its shared workspace concept to one of its members. The sale values Pipeline at $15 million, but the coworking company anticipates driving valuation toward the $100 million mark in the next two years as it expands nationally.

Gordon G. Pratt, founder and CEO of Fund Management Group (FMG), a private holding and investment company, has been a member of Pipeline Brickell for two years.  FMG became a limited partner in Pipeline's second shared workspace in Philadelphia and followed up with the minority investment in the Pipeline Workspaces general partner.

“Gordon tested our business platform first-hand as a member and experienced how the concept we offer and our management team is different from other co-working spaces in the US today,” says Todd Oretsky, cofounder of Pipeline. “Many people have approached us to invest and we chose an experienced professional investor who has beta tested our concept over the last two years. We don't just preach that diversity in the community leads to a higher likelihood of success, we are a direct beneficiary of it.”

In just two years, Pipeline has opened shared workspaces in Miami's Brickell Financial District and Philadelphia's Center City. A third location is under construction in Coral Gables, FL. Pipeline is currently exploring expansion in Atlanta, Charlotte, Denver, and Dallas, in addition to other locations in South Florida.

“Across our current locations, we already are seeing members take advantage of the opportunity to work out of multiple offices and network in new cities, which makes expansion of their businesses into new markets much more seamless,” says Philippe Houdard, cofounder of Pipeline. “Imagine having a network with one degree of separation from many industries in multiple cities.”