CoWorking has been rising steadily over the past few years. It makes a lot of sense. It is cheaper than renting out an office; you are around peers, and have access to a large number of people with skills outside of your own; it offers a sort of community way beyond what you would get at an office building. With the rise in CoWorking, there has also been a rise in startups that are focused on the industry itself. Several of these startups are absolutely booming. One such company is WeWork.
WeWork has coworking spaces in 43 locations across the globe, but primarily in the U.S. The company considers itself to be much more than offices:
We are helping to create a world where people work to make a life, not just a living. There has been a macro shift towards a new way of work—one focused on a movement towards meaning. WeWork is accelerating this movement.1
Indeed, WeWork is accelerating the movement. The company has become incredibly successful. According to Bloomberg Business, WeWork is in the process of raising a new round of funding at a whopping valuation of $10 billion. “That is twice what the startup was worth in its Series D round last December, said the people [with knowledge of the funding round], who asked not to be identified because the information is private. The financing may be announced as soon as this week, the people said.”2
Just to put the $10 billion valuation into context, that is the same value as Dropbox and Airbnb. It is just a notch below Pinterest and SpaceX. WeWork’s current investors include JPMorgan Chase & Co., Goldman Sachs, and T. Rowe Price Group Inc.
- WeWork, “Company Info” ▲
- Leslie Picker, Bloomberg Business, “WeWork Said to Double Valuation to $10 Billion in New Round,” 24 June 2015 ▲