WeWork is investing again with fundraise for proptech

Coworking company took part in a $4.6M fundraising round for Jones

Oct.October 11, 2019 11:52 AM
WeWork co-CEOs Artie Minson, Sebastian Gunningham and Jones CEO Omri Stern (Credit: LinkedIn)

WeWork co-CEOs Artie Minson, Sebastian Gunningham and Jones CEO Omri Stern (Credit: LinkedIn)

WeWork has apparently recovered enough from its attempted initial public offering rollout to invest again.

The coworking company recently took part in a $4.6 million venture round for the commercial real estate startup company Jones, Jones announced on Thursday. Hertz Ventures led the round, and other firms that took part included JLL Spark, MetaProp Ventures, GroundUp Ventures and 500 Startups.

Jones focuses on developing software to help commercial real estate companies handle and simplify the insurance compliance process. It has raised a total of $8 million so far.

“We believe the on-demand economy is coming to commercial real estate, and that means the insurance workflows need to be rebuilt for simplicity,” Jones CEO and co-founder Omri Stern said in a statement. “Real estate managers, tenants and vendors deserve an effortless and transparent experience when completing the insurance approval process.”

WeWork did not respond to a request for comment about its investment.

The company is investing following a disastrous and ultimately unsuccessful effort at an IPO that led to the departure of co-founder and CEO Adam Neumann. WeWork’s new co-CEOs Artie Minson and Sebastian Gunningham said in late September that WeWork would postpone its IPO to focus on its core business.

WeWork had planned to raise at least $9 billion in its IPO, and without a cash infusion, the company could run out of money by next spring. Recent reports have suggested that WeWork is talking with multiple private investors in an attempt to raise more capital, but details about those discussions remain scarce.

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