Key Metrics: 

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• 20% of teams using Flexday Suites graduate from flex-workspaces to a full-time, leased office space
• Flexday took the average time from the start of the leasing process to space occupancy (for a two-year or less lease) down from 90 days to 11 days
• Flexday was able to act as a trusted source for a short-term lease that gave Venn the ability to move into a new (furnished, wired, and centrally located) office immediately

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Situation

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Venn (formerly, Vault) gives you cashback on card spending, the best FX rates, multi-currency accounts and free transfers locally. Venn is tailored for Canadian businesses operating worldwide. 

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Venn, a fast-growing company based in Toronto, Canada, had outgrown their coworking space setup and wanted to move into an office that allowed for more privacy, additional growth and branding. They enjoyed their time in the coworking space, but felt that this was their next step. They needed a space with a large team workstation area, at least two breakout rooms or call spaces, and a private meeting room. Venn was clear about their budget for space, but found that traditional outreach to commercial real estate brokers and managers was not getting them anywhere. Then, they found Flexday…

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Solution

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Flexday and Venn had an initial discovery call and within 48 hours, Venn was presented with 5 options for a short-term lease that fit the bulk of their criteria. These options were all with Flexday’s landlord partners and some of them were Flexday Suites locations that were made available for short-term leasing. One day later, tours were set up with the landlord partners to showcase their options and a selection was made while touring the suites. The office that was chosen met all of the criteria of Venn and was able to fit within their budget, making the potential move palpable for their team.

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A short-term lease was then presented to Venn from the landlord, and it was negotiated and settled upon within 4 business days. This process did not take Venn away from their core business and they relied upon the relationship between Flexday and the landlord to help expedite the process. 

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Results

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Venn moved into their office 11 days after their initial contact with Flexday. The initial feedback from the Venn team was that they were “buzzing” with excitement and thoroughly enjoying having a more permanent home that they can grow into. Flexday’s access to available short-term inventory and credible relationships with landlord partners allowed Venn to find a suitable and reliable space in a short time period. 

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