In 2015, Sylvain Chevet and Jean-Yim Chhoa identified the lack of a solution adapted to small and medium-sized businesses and self-employed people for the organisation of off-site meetings. They then entered the proptech market.
Cocoon Space specializes in booking off-site meeting rooms. Its offer is mainly aimed at very small businesses, entrepreneurs, trainers, freelancers and coaches who can book in 2 minutes via a mobile app an autonomous space for a meeting or a work session, by the hour or by the day. Unlike traditional platforms, Cocoon Space has a full inventory of 45 meeting rooms spread over 12 sites in Paris for a total of 1,310 m² (as of September 2019). Autonomy is guaranteed by an electronic lock with a unique and active access code 5 minutes before the start of the reservation. It is thus possible to access a room during the week as well as on weekends and public holidays over wide time slots. The workspaces are fully equipped.
"With Cocoon Space, booking a room is as simple as possible, online or on our app and it is possible to book at the last minute. Our offer combines comfortable space, competitive price and flexibility: we are 50% cheaper than our competitors," explains Sylvain Chevet, CEO.
Rooms range from 9 to 93 m2 for a capacity of 2 to 28 people, and an average surface area of 30 m2. Cocoon Space also provides a solution to real estate owners by financing and enhancing the rehabilitation of small office spaces.
After having embarked on an income sharing model without taking out a lease but with a payment of part of the rental income to the owner, Cocoon Space now favours taking commercial leases for 3/6/9 years, which are more cash consuming but more profitable. After an initial phase of profitable development, Cocoon Space plans to expand its offer from 1,000 to 5,000 m² in Paris in order to provide sufficient coverage and to meet growing customer demand, and then to expand internationally.
Thus, Cocoon Space aims to become the European leader in on-demand meeting room rental for entrepreneurs and very small and medium-sized businesses. The company plans to set up in another European capital from 2020.