A couple of months ago when I was out in Boulder for TechStars Demo Day I was impressed by a number of teams, but PivotDesk was one that stood out among the crowd. The company is aiming to help startups rent out their extra office space, or find some space of their own. According to an SEC filing PivotDesk has just closed a $3 million Series A led by Foundry Group to do just that. TechStars CEO David Cohen also participated in the round, via Bullet Time Ventures.

PivotDesk’s CEO is serial entrepreneur and TechStars mentor David Mandell. He’s seen the pain point of office space plague startups for entirely too long and decided that it was time to change the script. Now, instead of having to sign into a lease for more space than they need, startups can use PivotDesk to rent out their unused space under full legal protection that most “handshake” deals can’t offer.

When I spoke to the team at Demo Day, the company had only been operational for 30 days but had already found space for over 400 people, largely in the Boulder area. With the funding round the company plans to expand its reach, moving into other hot markets where real estate is a major pain point.

Image: Munir Uz Zaman / Getty Images