The pandemic will fast-track the evolution of the co-working sector, hastening the closure of businesses that fail to maintain the cashflow they need to survive and leaving Australia with just three or four larger operators, according to ASX-listed Victory Office's boss, Dan Baxter.

The comments come days after the flexible working operator secured $15.3 million in a capital raising to shore up its balance sheet, in order to manage the ongoing impact of COVID-19 and to fund operating costs over the next 12 months following a seven-week voluntary suspension from trading on the ASX.