WeWork is about to close a round of private equity financing between $300-400 million that will value the startup at around $6 billion. The operator of co-working spaces for startups and other businesses has been growing at breakneck speed and anticipates almost tripling its revenue next year. Forbes writes in detail about the company’s rise from a single location to real estate mogul for the startup world.
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WeWork to raise $300-$400 million with a valuation around $6 billion
Over the next 12 months the company expects to triple its membership from 14,000 to 46,000 and expand to 60 locations from 21 today and 9 just a year ago. Now WeWork is the fastest-growing lessee of new office space in New York and next year will become the fastest-growing lessee of new space in America as it spreads to cities such as Austin and Chicago, not to mention London, Amsterdam and Tel Aviv. WeWork will gross an estimated $150 million this year with operating margins of 30%. Current plans will push revenue to more than $400 million next year. In February JPMorgan led a massive (and secret) $150 million investment in the company along with the Harvard Corp., Zuckerman and Benchmark. The deal valued WeWork at $1.5 billion.
