WeWork Works Its Way to $1.5B Valuation
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After securing a $150M investment from JP Morgan, Boston Properties chair Mort Zuckerman and others, coworking space provider WeWork is now valued at $1.5B. To put that in perspective, four years ago WeWork had a single, 3,000SF location under its belt. And a new Forbes profile of the company by Alex Konrad asserts that that's just the beginning for a company that's leaped to the front of the collaborative office phenomenon. Some other stats:
- By this time next year, WeWork aims to roughly triple its membership (from 14K to 46K) and number of locations (21 to 60).
- 2015 revenue is projected to top $400M.
- Founders Adam Neumann and Miguel McKelvey expect the next funding round to result in a $6B valuation.
- Average PSF rents work out to a pricey $350 per desk and $650 per person a month. Included security and broadband, among other factors, defray costs.