WeWork competitor Cowork|rs eyeing capital raise

Company is looking to expand across the northeast

New York /
May.May 24, 2016 08:00 AM

WeWork competitor Cowork|rs is looking to court outside investors to support its expansion both in New York and across the Northeast, founder Shlomo Silber told The Real Deal.

Silber and the company’s other top brass are pitching their co-working concept to developers, institutional investors and lenders with the hope of raising north of $20 million, he said.

Cowork|rs top brass hopes the funding will take the form of an extended line of credit, allowing the start-up to ink deals for targeted spaces at a measured pace as they become available.

“We don’t want to be forced to do stupid deals because we have a lot of money sitting in the bank,” said Silber’s colleague, company chairman Elie Deitsch.

The raise would mark the first time Cowork|rs has looked to outside capital to help grow the business, which has thus far been funded by friends and family-type investors, Silber said.

The company now has five locations across the city and recently signed on for 30,000 square feet in Bushwick, at 839 Broadway Near The Myrtle Avenue subway stop, and for 40,000 square feet at 60 Broad Street.

Silber said the company is looking at prospective new offices in areas such as Washington D.C. and wants to start its expansion in areas close to New York.


Related Articles

arrow_forward_ios
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
Matt Lauer exposes Hamptons estate to the market
 Fredrik Eklund and the property (Getty, Steve Frankel)
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Fredrik Eklund lists Bel Air mansion for rent as family moves to “forever home”
Gordon Ramsey and his Lucky Cat restaurant (Lucky Cat)
Gordon Ramsay to open first South Florida restaurant in Miami Beach
Gordon Ramsay to open first South Florida restaurant in Miami Beach
495 Hoffman Lane in Hauppauge and Beechwood Organization CEO Michael Dubb (Google Maps, Belmont Child Care)
Luxury senior living could replace shuttered Hauppauge school
Luxury senior living could replace shuttered Hauppauge school
66 University Place (Google Maps)
Grove Press building to be pulverized by luxury condo development
Grove Press building to be pulverized by luxury condo development
Ribbon co-founders Shaival Shah and Wei Gan (Ribbon, iStock)
Homebuying startup Ribbon to take on Midwest, West Coast markets
Homebuying startup Ribbon to take on Midwest, West Coast markets
Two more rent law challenges tossed, landlords reserve hope in appeal
Two more rent law challenges tossed, landlords rest hopes on appeal
Two more rent law challenges tossed, landlords rest hopes on appeal
1223 East New York Avenue with Carlyle Group's Jason Hart (Google Maps, Carlyle Group)
Carlyle Group scores $32M construction loan for Crown Heights storage facility
Carlyle Group scores $32M construction loan for Crown Heights storage facility
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...