WeWork now valued at $5B

Miami /
Dec.December 16, 2014 05:00 PM

WeWork, the 4-year-old shared office and coworking space provider, is now valued at $5 billion after securing $355 million in its latest funding round and on the heels of signing a 40,000-square-foot lease for a Miami Beach space in November. The valuation puts the company in the same league as one of Silicon Valley’s greatest successes, Pinterest, and values it at $1.5 billion more than Trulia.

WeWork’s co-founder Adam Neumann told the Wall Street Journal that the company aspires to be a meeting ground for the next generation of entrepreneurs.

“We happen to need buildings just like Uber happens to need cars, just like Airbnb happens to need apartments,” Neumann told the newspaper.

This latest financing round, which closed on Monday, was led by funds and accounts managed by T. Rowe Price Associates as well as Goldman Sachs Group and clients of Wellington Management, according to the newspaper. Prior investors J.P. Morgan Chase, Harvard Management Company and Benchmark also participated in this round. The news that WeWork was finalizing the funding was first reported by Fortune.

Last month, the company was valued at $1.5 billion after securing a $150 million investment from JPMorgan, Boston Properties’ founder Mort Zuckerman, and others.

“If I showed you their cash-flow statement, you would not compare it to a real estate company,” T. Rowe Price’s Henry Ellenbogen told the Journal. “You’d compare it to a brand or tech company—maybe Chipotle or Uber.” [WSJ] — Claire Moses


Related Articles

arrow_forward_ios
 Adam Neumann (Getty, Bal Harbour Florida)
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Ex-WeWork CEO Adam Neumann inks $44M deal for Bal Harbour properties
Fuse Group Investment CEO Eyal Peretz and attorney Michael Ehrenstein (Fuse, Ehrenstein Sager, Twitter via GUT Miami)
Fuse Group acquires Security Building in downtown Miami, plans to sue WeWork for alleged lease breach
Fuse Group acquires Security Building in downtown Miami, plans to sue WeWork for alleged lease breach
117 Northeast First Avenue (Getty, Gut Miami via Twitter)
Lender sues owners of downtown Miami WeWork building over allegedly unpaid loan
Lender sues owners of downtown Miami WeWork building over allegedly unpaid loan
Laura Kozelouzek, CEO of Quest Workspaces, and a Quest classroom
Office is out, school is in: Co-working operators try to lure students into workspace
Office is out, school is in: Co-working operators try to lure students into workspace
5212 North Bay Road in Miami Beach and Marcelo Claure (Getty)
SoftBank’s Marcelo Claure pays $11M for North Bay Road teardown
SoftBank’s Marcelo Claure pays $11M for North Bay Road teardown
WeWork Lincoln Road with Sandeep Mathrani (Google Maps, WeWork)
WeWork’s Lincoln Road landlord seeks $20M in unpaid rent
WeWork’s Lincoln Road landlord seeks $20M in unpaid rent
WeWork Lenox Avenue, WeWork Lincoln Road and CEO Sandeep Mathrani (Lenox location by Katherine Kallergis, WeWork, iStock)
WeMove: WeWork leaves Lincoln Road, consolidates Miami Beach operations to Lenox Ave
WeMove: WeWork leaves Lincoln Road, consolidates Miami Beach operations to Lenox Ave
WeWork at 429 Lenox Avenue (Credit: HFF)
WeDone: South Beach landlord seeks to evict WeWork for unpaid rent
WeDone: South Beach landlord seeks to evict WeWork for unpaid rent
arrow_forward_ios

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

Loading...