WeWork's Value Nearly Doubles in Third Round of Financing
Shared workspace provider WeWork is preparing to raise capital again, this time placing the company’s value from $15B to $20B.
Partners Adam Neumann and Miguel McKelvey founded the company in New York in 2010 and have seen the company achieve explosive growth. This will be the third round of financing for WeWork, which completed a round of $355M at a value of $5B in December followed by the raising of $400M at a $10B valuation in June. The company will also be expanding its footprint in Israel and plans to open a second building in Tel Aviv, according to GlobeSt.
At the end of 2014, WeWork had 16,000 members in its community, a number the company expects to rise to 260,000 in 2018. The company also expects its portfolio of owned buildings to increase from 24 to 376 over the same time period. WeWork recently leased an entire building in downtown Miami, the 16-story, 96k SF Security Building, which it leased for 15 years with plans for a major build-out. [GS]