Inside WeWork: From 2010 to Now Into a $12.8 billion business
Startup Type:
Headquarter: New York City, USA
Current Status: Bankrupt (filed Chapter 11 in 2023)
Founders: Adam Neumann, Miguel McKelvey
Founded Year: 2010
Investors: SoftBank, Benchmark Capital, JPMorgan Chase
Funding Raised: $12.8 billion
What Is the business model of WeWork?
Provider of coworking office spaces—leases large offices and rents them as shared workspaces on flexible terms
How WeWork got started?
Neumann and McKelvey sold their first coworking venture and opened WeWork’s first shared office in 2010 in SoHo, Manhattan
what growth strategy has WeWork followed?
Expanded at breakneck speed by leasing buildings worldwide, fueled by massive venture funding and a charismatic vision of community to attract members
what are the top products/features of WeWork
WeWork shared office spaces, membership plans for hot desks and private offices, WeWork mobile app for members
what was the biggest challenge faced by WeWork?
A failed 2019 IPO attempt due to concerns over governance and profitability, leading to the founder’s ouster and eventual Chapter 11 bankruptcy in 2023