Upflex Missed Its Series B—Then Rebuilt into a Leaner, Stronger Company

A lot of founders talk about resilience. Christophe Garnier has lived it.

Christophe Garnier is the founder and CEO of Upflex, a platform often described as “Airbnb for workspaces.” It gives global teams access to over 11,000 co-working locations across 135 countries — all through a single contract, app, and billing agreement.

The idea is simple: companies no longer need to own or lease offices to give employees flexible workspace options. Upflex lets employees work from anywhere — without the overhead or complexity of managing dozens of vendors.

But when the Series B market dried up, Upflex had to make a call: either keep burning and hope for a turnaround — or restructure fast to survive.

Key Takeaways

• Upflex provides global teams with flexible access to 11,000+ coworking spaces
• The company missed its planned Series B and had to cut headcount by 50%
• Despite the layoffs, Upflex continued growing — and learned how to operate lean
• Christophe made the mistake of laying off in two waves instead of one
• The big lesson: move decisively, communicate honestly, and rebuild trust actively

The Upflex Model: Work Flexibility Without Office Headaches

The problem Upflex solves is increasingly common: distributed teams, complex workspace needs, and a desire for flexibility without overhead.

Through one platform, companies can:

• Set policies for remote employees
• Let teams book space in thousands of locations globally
• Avoid the cost and commitment of traditional leases
• Control spend, access, and usage through one system

“We don’t take inventory. It’s like Airbnb — consignment model. We aggregate supply and make it easy for companies to use.”

It’s a category that exploded post-COVID. But that also came with shifting funding dynamics — especially when VC markets cooled.

The Funding Gap: When a Plan Meets Reality

Upflex had raised a $25M Series A and, like many growth-stage companies, was operating with the expectation of raising a Series B.

“We didn’t raise that A round to get to breakeven. We raised it to keep growing.”

But when the market changed, the Series B didn’t happen. Suddenly, the team had to make hard decisions about how to survive — and how fast.

The Hardest Call: Right-Sizing for Survival

“We had to reduce the company by 50%. It was the hardest thing I’ve ever done.”

Christophe initially tried to do it in two waves — hoping to soften the blow and retain more people. But that, he says in hindsight, was a mistake.

• Two rounds created more anxiety
• It shook employee trust and confidence
• It made the company look like it lacked a plan — even when it had one

“If I had listened to my board from the start, we would’ve done one clean wave. Instead, we caused more pain.”

It’s a lesson many founders can learn from: don’t delay the inevitable, and don’t underestimate the power of decisive action.

The Surprise: Growth Didn’t Stop

Despite cutting headcount in half, Upflex kept growing.

• Customer adoption remained strong
• Core usage metrics held steady
• They eventually raised another round — and the company is back on a growth path

“It turns out, we didn’t need as many people as we thought. We focused, automated, and doubled down on our strengths.”

It wasn’t easy. It wasn’t smooth. But it worked.

How Christophe Rebuilt Team Trust

After the layoffs, Christophe didn’t disappear. He did the opposite.

• He spoke with every team member — individually, multiple times
• He answered questions transparently
• He acknowledged the mistakes publicly
• And he worked daily to regain buy-in from those who stayed

“Some people jumped back in quickly. Others needed time. My job was to help them believe again — and show the plan was working.”

What’s Next for Upflex

The company is back on offense. They’ve raised additional funding, stabilized operations, and are focusing on:

• Growing enterprise adoption
• Expanding supply and regional coverage
• Enhancing the employer admin experience for distributed teams

Christophe’s ask to the founder community? Reach out.

“If you’re navigating something hard — or if you’ve been through it — let’s talk. I learn the most from other founders.”

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