WeWork Acquisition, Valuation, Funding & Investors

WeWork was acquired by Yardi for $765M in May 2024, a 0.2x multiple on $3.2B of revenue.

WeWork acquisition price

$765M

Acquired by Yardi · May 2024

WeWork revenue at acquisition

$3.2B

Last twelve months · May 2024

WeWork revenue multiple at acquisition

0.2x

EV/Revenue · May 2024

Cumulative funding WeWork raised

$10B

across 10 funding rounds

WeWork Overview

About WeWork

WeWork is a New York-based provider of flexible office space that leases buildings and sublets private offices, coworking memberships and meeting rooms to individuals and companies. It was founded in 2010 by Adam Neumann and Miguel McKelvey and grew on venture funding, mostly from SoftBank, at valuations of up to $47 billion. It listed through a merger with a special purpose acquisition company in 2021 and filed for Chapter 11 protection in November 2023. In 2024 an affiliate of Yardi Systems acquired a 60% stake as part of the reorganization, with SoftBank and other investors holding the rest. As a buyer, WeWork acquired a series of workplace software and services companies between 2015 and 2019, including Case, Meetup, Managed by Q and Teem, and made venture investments in early-stage startups. Several of those businesses, including Meetup, Flatiron School and Conductor, were sold in 2019 and 2020. The company operates around 600 locations in more than 30 countries.


Founded

2010

HQ

United StatesNew York City, NY

Website

wework.com

Status

Acquired

Customer focus

B2B & B2C

Revenue model

Subscription

Revenue

$1.8B (Oct 2019)

Valuation

$8B (Oct 2019)

WeWork Acquisition

WeWork was acquired by Yardi for $765M on 2 May 2024.

The acquisition price implies a 0.2x revenue multiple on $3.2B of revenue.

Before the acquisition WeWork had raised $10B across 10 funding rounds.

Yardi Systems agreed to provide $337 million of the $450 million needed for WeWork to exit bankruptcy and took a 60% stake in the reorganized company through its investing arm. The transaction was part of WeWork’s court-approved restructuring and emergence from Chapter 11 in May 2024, with senior lenders also contributing financing to support the exit. The deal was driven by WeWork’s need to raise capital and stabilize operations after bankruptcy, while giving Yardi control of a large flexible-workspace platform with global locations. Reports described the implied value of the reorganized business as roughly $765 million, and noted that WeWork was expected to use the restructuring to cut debt and improve profitability. WeWork is a coworking and flexible-office operator that had once been valued at about $40 billion at its peak, before its collapse and restructuring. As part of the reorganization, the company projected 337 global locations and had plans to rebuild toward profitability in the following year.

WeWork acquisition details
AcquirerDateTypePriceEV/Revenue
  • Yardi
2 May 2024Strategic M&A$765M0.2x

Sources: bisnow.com, sec.gov

WeWork Valuation

WeWork is insolvent and not operational anymore. Read the announcement ↗

WeWork was last valued at $8B, based on its strategic investment round in October 2019. Read the announcement ↗

The round was led by SoftBank Group.

WeWork's valuation grew 18x from $440M at its Series B in May 2013 to $8B in October 2019, across 9 priced rounds.

WeWork valuation by funding round

Revenue multiple
WeWork valuation by funding round
DateStageValuationRevenue Multiple
Nov 2023Write-down · Insolvency$0-
Oct 2019Strategic investment$8B4.4x
Jan 2019Series H$47B25.8x
Nov 2018Undisclosed stage$42B28.0x
Aug 2017Series G$20B22.6x
Nov 2016Series F$17B38.8x
Mar 2015Series E$10B-
Dec 2014Series D$5B33.3x
Feb 2014Series C$1.5B-
May 2013Series B$440M-

WeWork Revenue

WeWork's latest recorded revenue is $1.8B, as of its strategic investment round in October 2019. At a $8B valuation, that implies a 4.4x revenue multiple.

Revenue grew from $150M in December 2014 to $1.8B in October 2019, while the revenue multiple moved from 33.3x to 4.4x.

WeWork revenue by funding round

WeWork revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Oct 2019$1.8B$8B4.4xStrategic investment
Jan 2019$1.8B$47B25.8xSeries H
Nov 2018$1.5B$42B28.0xUndisclosed stage
Aug 2017$886M$20B22.6xSeries G
Nov 2016$436M$17B38.8xSeries F
Dec 2014$150M$5B33.3xSeries D

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

WeWork Funding History

Before winding down, WeWork has raised a total of $10B across 10 funding rounds.

WeWork's first fundraising round was a $17M Series A in July 2012. The most recent completed round was a strategic investment round in October 2019.

WeWork funding rounds

WeWork funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Oct 2019Strategic investmentSoftBank Group (lead)-$8BSoftBank Group announced on 23 October 2019 a rescue financing package for WeWork after the company's planned initial public offering was withdrawn. The package comprised $5 billion of new financing, made up of $1.1 billion in senior secured notes, $2.2 billion in unsecured notes and a $1.75 billion letter of credit facility, together with the acceleration of an existing $1.5 billion equity commitment that had been due in April 2020, priced at $11.60 per share. SoftBank also offered to buy up to $3 billion of shares from non-SoftBank shareholders at $19.19 per share and agreed to swap the Vision Fund's interests in regional WeWork joint ventures outside Japan for WeWork shares at $11.60. After closing and the tender offer, SoftBank's fully diluted economic ownership of WeWork was to be approximately 80 percent, though without a voting majority. WeWork operates flexible office space under lease in cities worldwide.
Jan 2019Series HSoftBank Group (lead)$1B$47BSoftBank Group agreed in January 2019 to invest a further $2 billion in WeWork, valuing the company at $47 billion, up from $42 billion pre-money. The investment was structured as a $1 billion primary investment and a $1 billion repurchase of shares from employees and existing investors. It was far smaller than the roughly $16 billion that SoftBank had been discussing late in 2018, when it reportedly sought a controlling stake. The announcement came alongside WeWork renaming its parent The We Company, with separate units for office, education and residential businesses. SoftBank had already put in $4.4 billion through its Vision Fund in 2017 and a $3 billion warrant arrangement in November 2018. WeWork leases buildings, retrofits them and sublets workspace on flexible terms to individuals and companies in cities worldwide.
Nov 2018Undisclosed stageSoftBank Group (lead)$3B$42BWeWork, a provider of shared office spaces, secured $3 billion in financing from SoftBank in November 2018 through a warrant convertible to stock at a minimum price implying a $42 billion post-money valuation. This followed a $1 billion convertible note from SoftBank in August 2018 and built on prior $4.4 billion from SoftBank Vision Fund in 2017. The deal boosted WeWork's cash and commitments to around $6.4 billion. Q3 2018 financials showed revenue of $482.3 million, up from $241 million year-over-year, with total revenue over the last 12 months at $1.5 billion. The company reported 297,000 occupied desks out of 385,000 available and an 84% occupancy rate, despite net losses of $1.2 billion in Q3. Adjusted EBITDA was mentioned as $121 million in Q3 but not as LTM. The investment supported WeWork's global expansion, including new locations in Asia, amid rapid growth but ongoing profitability challenges.
Aug 2017Series GSoftBank Group (lead); Greenland Hong Kong Holdings; Hony Capital; China Oceanwide$4.4B$20BWeWork, a provider of shared office spaces, raised multiple funding rounds prior to August 2017, including from SoftBank, Hony Capital, and others, with a February 2017 round of $3 billion led by SoftBank and an October 2016 round at $16 billion valuation. WeWork generated $886 million in revenue in 2017, nearly doubling from prior years amid expansion to 90 new buildings globally. Other reports approximate 2017 revenue at $900 million, with an annualized run rate exiting 2016 at $882 million. The company planned aggressive growth, targeting 400 locations by end-2018.
Nov 2016Series FHony Capital (lead); Legend Holdings (lead); JinJiang WeHotel$690M$17BWeWork, a New York-based co-working space provider founded in 2010, raised $430 million in a funding round in March 2016 led by Beijing-based Hony Capital and Legend Holdings, its parent company, with the investment supporting expansion into Asia including China, where WeWork was preparing to launch operations in Shanghai and targeting other markets like Seoul, Hong Kong, Sydney, India, and Mexico City. The round valued the company at $16 billion post-money, up from $10 billion in its prior round and $15 billion as reported late 2015 by Fidelity Investments, positioning WeWork as one of the world's most valuable startups with 80 locations across 23 cities serving 50,000 members from startups to enterprises like Merck and American Express. Convertible preferred shares were priced at just over $50.19 per share, reflecting a 53% increase from the previous summer's pricing. The investment was described as strategic by Hony Capital CEO John Zhao due to WeWork's market potential and cultural fit for China, with WeWork CEO Adam Neumann highlighting it as adding a key partner for global growth.
Mar 2015Series EGlade Brook Capital Partners (lead); Fidelity; T. Rowe Price; JPMorgan Chase$434M$10BWeWork is a coworking startup that leases office and workspace solutions to companies and individuals. The company provides flexible workspace by leasing buildings, retrofitting them, and subletting office space to members on flexible terms, while also expanding into related services like facility management through acquisitions. In June 2015, WeWork raised $433.9 million in Series E funding from four investors including Glade Brook Capital Partners . The company subsequently raised additional capital across multiple funding rounds, including a Series F round in 2016 valued at approximately $16 billion pre-money and a Series G round in July 2017 that raised $760 million at a $20 billion valuation . CEO Adam Neumann stated the company's revenue at $1 billion per year, though this statement was made in the context of the 2017 Series G round . WeWork's coworking model gained significant market traction, with the broader coworking industry growing 18% globally year-over-year, and rates for premium locations like New York and San Francisco averaging over $900 per person monthly .
Dec 2014Series DGoldman Sachs (lead); T. Rowe Price (lead); Wellington Management (lead); Harvard Management Company; Benchmark; JPMorgan Chase$355M$5BWeWork, a provider of shared office spaces and coworking facilities, released a company overview in October 2014 coinciding with its Series D funding round, which valued the company at $5 billion. The document highlighted a massive addressable market of 12 million potential members in the top 25 US markets, estimating that each 1% penetration (120,000 individuals) would generate $1 billion in annual revenues. Membership was highly diversified across age groups, industries, and company sizes, with technology companies representing just 20% of revenue and the largest two member companies comprising approximately 1%. The business model emphasized mature locations operating near 100% occupancy with average unit margins of 40% and ROI exceeding 50%, enabling access to substantial debt and equity capital for expansion, R&D, and talent acquisition. WeWork projected collecting over $19 million in real estate commissions in 2014 by acting as an internal brokerage house in lease transactions. Expansion was set to drive additional profits, benefiting landlords and brokers through WeWork's involvement in sourcing, underwriting, and closing deals. While specific details on the $355 million raise from investors including Goldman Sachs, T. Rowe Price, and Wellington Management were not detailed in sources, a later December 2014 report noted plans to expand to 60 locations by late 2015 and increase annual revenue from $150 million at that time. No explicit revenue, ARR, EBITDA, or valuation multiples were confirmed for the exact October 15, 2014 round date. The company continued aggressive growth, raising billions more in subsequent years up to valuations as high as $47 billion primarily from SoftBank.
Feb 2014Series CHarvard Management Company; Aleph; Benchmark; JPMorgan Chase; DivcoWest$150M$1.5BWeWork raised a reported $150 million Series C in February 2014, its third institutional round after a $17 million Series A in July 2012 and a $40 million Series B in May 2013. Press coverage names J.P. Morgan, Harvard's endowment, Benchmark and the investor Mort Zuckerman as the participants, and no lead was reported. The financing came about a year after the Series B and preceded the $355 million round of December 2014 that valued the company at almost $5 billion. WeWork used the capital to open more locations in the United States and to begin its international expansion. At the time of the round the company had raised just over $157 million in private funding in total. WeWork leases office buildings, retrofits them and sublets space to individuals and companies on flexible terms, and was founded in New York in 2010 by Adam Neumann and Miguel McKelvey.
May 2013Series B-$40M$440MWeWork, a coworking space provider founded by Adam Neumann and Miguel McKelvey, raised a $40 million Series B funding round in May 2013 at a post-money valuation of $440 million. This followed a July 2012 Series A round of $17 million at a $97 million valuation. The company used early funding to expand locations, including openings in San Francisco and Los Angeles after the 2012 round. Around 2013, WeWork was in its early growth phase, focusing on shared office spaces in major U.S. cities before international expansion. The company's rapid scaling continued into 2014 with a $150 million Series C led by JPMorgan Chase, pushing valuation to $1.49-1.5 billion and achieving unicorn status.
Jul 2012Series ABenchmark (lead)$17M-WeWork raised a $17 million Series A in July 2012, its first institutional round, led by Benchmark. The financing followed a $6.85 million friends and family round in January 2012 and came about two years after Adam Neumann and Miguel McKelvey founded the company in New York in 2010. Benchmark took a board seat as part of the investment, which gave the young company capital to open additional buildings beyond its first locations. A $40 million Series B followed in May 2013 and a $150 million Series C in February 2014. WeWork leases office buildings, retrofits them and sublets desks and offices to freelancers, startups and larger companies on flexible terms. At the time of the round it operated a small number of locations in New York and was preparing to open in other American cities.

Who has invested in WeWork?

16 investors have backed WeWork across its funding rounds, including SoftBank Group, Benchmark, JPMorgan Chase, T. Rowe Price, Hony Capital and Harvard Management Company.

Lead investors include SoftBank Group, Hony Capital, Legend Holdings, Glade Brook Capital Partners, Goldman Sachs and 3 other investors.


WeWork Investors

Investors in WeWork by funding rounds participated
InvestorHQRoundsRoleFirst check
SoftBank GroupJapanTokyo4LeadAug 2017
BenchmarkUnited StatesSan Francisco, CA3LeadJul 2012
JPMorgan ChaseUnited StatesNew York City, NY3ParticipantFeb 2014
Harvard Management CompanyUnited StatesBoston, MA2ParticipantFeb 2014
T. Rowe PriceUnited StatesBaltimore, MD2LeadDec 2014
Hony CapitalChinaBeijing2LeadNov 2016
Wellington ManagementUnited StatesBoston, MA1LeadDec 2014
Glade Brook Capital PartnersUnited StatesGreenwich, CT1LeadMar 2015
FidelityUnited StatesBoston, MA1ParticipantMar 2015
AlephIsraelTel Aviv1ParticipantFeb 2014
Greenland Hong Kong HoldingsChinaShanghai1ParticipantAug 2017
Legend HoldingsChinaBeijing1LeadNov 2016
Goldman SachsUnited StatesNew York City, NY1LeadDec 2014

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by WeWork

WeWork has acquired 19 companies to date.

Last acquisition by WeWork was on January 25th 2022. WeWork acquired Common Desk for $21M.


Latest Acquisitions by WeWork

Common Desk
Spacious
SpaceIQ
Waltz
Description
Common Desk is a Dallas-headquartered operator of coworking spaces designed for freelancers, startups, and small teams across Texas. The company manages 10 locations in cities like Austin, Fort Worth, and Plano, offering flexible memberships with high-speed internet, meeting rooms, and event programming. Common Desk emphasizes community-building through staff-led networking events and hospitality-focused amenities such as coffee bars and outdoor lounges. Founded in 2017, it caters to creative industries with month-to-month leases and enterprise plans for distributed teams.
Spacious is a New York-based network of shared workspaces in underutilized urban retail spaces. Members access day passes at locations in Manhattan and Brooklyn equipped with WiFi, coffee stations, and meeting nooks. The platform apps book flex desks or private booths by the hour, serving remote workers from finance and media sectors.
SpaceIQ is a Mountain View, California-headquartered workplace management platform founded in 2016. The cloud-based IWMS/CAFM software offers space planning, move management, real estate forecasting, and analytics for enterprises like Fortune 500 firms. With offices in Sandy, Utah, SpaceIQ integrates CAD/BIM tools to optimize hybrid office layouts, tracking utilization across 10 million square feet for clients in tech and finance sectors.
Waltz enables smartphone-based access control for offices and buildings via QR code transactions. The New York-based app unlocks doors, turnstiles, and elevators after administrator enrollment and supports guest invitations with proximity notifications.
HQ CountryUnited StatesUnited StatesUnited StatesUnited States
HQ City
Dallas, TX
New York City, NY
San Francisco, CA
New York City, NY
Deal Date25 Jan 202227 Aug 201930 Jul 201925 Jun 2019
Valuation$21M$42M$33M$36M
EV/Revenue
EV/EBITDA

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Investments by WeWork

WeWork has invested in 19 companies to date.

Latest investment by WeWork was on May 8th 2024. WeWork invested in Dandi Fertility in their $1M Pre-seed round.


Latest Investments by WeWork

Dandi Fertility
Wilco
Upflex
Wework India Management
Description
Dandi Fertility is a consumer health brand offering products for in vitro fertilization support. Headquartered in New York, the company provides patent-pending devices to simplify self-administered IVF medications and a digital platform with personalized fertility guidance. Dandi addresses pain points in treatments for women undergoing assisted reproduction.
Wilco is a Tel Aviv-headquartered platform that equips software engineers with practical skills through immersive, startup-simulated quests covering deployment, debugging, and production troubleshooting using real tech stacks like Kubernetes, AWS, and React. The service accelerates hands-on learning for developers at all levels by replicating authentic engineering workflows in a risk-free environment. Launched in 2021, Wilco serves global tech teams and individuals, integrating with CI/CD pipelines for personalized training paths. Its quests draw from scenarios at companies like Google and Meta, fostering expertise in cloud infrastructure and microservices architecture.
Upflex is a New York workplace-technology company founded in 2018. It operates a software platform and global network through which employers give teams access to flexible offices, desks and meeting rooms. Employees search and reserve approved spaces, while workplace leaders manage policies, budgets, utilization and supplier relationships from a central system. The service is designed for distributed and hybrid organizations that want geographic coverage without leasing a permanent office in every market. Upflex earns subscription and usage-related revenue from business customers and workspace activity across its network. It expanded its European presence by acquiring UK workspace aggregator WorkClub in 2021. The company has raised institutional venture financing and joined Shilling's Opportunity Fund portfolio in 2025.
Wework India Management Ltd is a premium flexible workspace operator in India. It provides flexible, high-quality workspaces to its customers which include companies of all sizes: large enterprises, small and mid-size businesses, startups, as well as individuals. The company's portfolio comprised approximately 114,077 desks across 68 Operational Centres with an aggregate Leasable Area for Operational Centres of 7.67 million square feet. It offers a comprehensive mix of flexible workspace solutions, including a mix of custom designed buildings, floors and offices, enterprise office suites, customized managed offices, private offices, co-working spaces, and hybrid digital solutions.
HQ CountryUnited StatesIsraelUnited StatesIndia
HQ City
New York City, NY
Tel Aviv
New York City, NY
Bangalore
Deal Date8 May 202420 Jun 202224 May 20225 Jun 2020
RoundPre-seedSeedSeries AStrategic investment
Raised$1M$7M$30M$99M
InvestorsTiferes Ventures; Ruttenberg Gordon Investments; Winklevoss CapitalDave Bisceglia; Vertex Ventures; Samsung NEXT; Graph Ventures; Mike Vorhaus; Hetz Ventures; Flybridge; Ariel Tiger; Sagi Schliesser; Farhan Thawar; Operator PartnersEcosystem Integrity Fund-
Valuationundisclosedundisclosed$100M$500M
EV/Revenue
EV/EBITDA

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WeWork Competitors

WeWork competitors included listed companies like Aspen Group, GMR Power and Urban Infra, Attacq Limited and Maxi Renda Fundo Invest, and private ones like Beeplus Co-working Space and Guy & Doron Levy Engineering Construction Investment.

Public and private companies comparable to WeWork
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Beeplus Co-working SpaceChinaGuangdongPrivate--$142M-
Aspen GroupAustraliaAustraliaPublicly listed$99M$73M$765M8.5x
GMR Power and Urban InfraIndiaIndiaPublicly listed$758M$289M$761M2.1x
Attacq LimitedSouth AfricaSouth AfricaPublicly listed$188M$139M$759M11.2x
Maxi Renda Fundo InvestBrazilBrazilPublicly listed--$758M-
Guy & Doron Levy Engineering Construction InvestmentIsraelHerzliyaPrivate--$779M-
Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Aspen Group$99M$73M9.2x8.5x12.5x22.1x
GMR Power and Urban Infra$758M$289M2.1x2.1x5.6x9.6x
Attacq Limited$188M$139M6.8x11.2x9.2x-
Maxi Renda Fundo Invest------
Direcional$804M$219M1.2x1.0x4.5x3.9x
One United Properties$262M$115M4.5x3.8x10.3x11.6x
Ari Real Estate (Arena)$36M-35.0x---
RAK Properties$500M$155M2.1x2.5x6.8x-

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Common questions about WeWork

What happened to WeWork?WeWork is not operational anymore and insolvent as of 6 November 2023.
When was WeWork founded?WeWork was founded in 2010.
Where was WeWork headquartered?WeWork was headquartered in New York City, NY, United States.
Was WeWork publicly listed?No, WeWork was a private, VC-backed company.
Who acquired WeWork?WeWork was acquired by Yardi in May 2024.
How much was WeWork acquired for?WeWork was acquired for $765M in May 2024, a 0.2x revenue multiple.
What was WeWork's valuation?WeWork was last valued at $8B in its strategic investment round in October 2019.
How much did WeWork raise?WeWork raised $10B across 10 funding rounds.
What was WeWork's last funding round?WeWork's last funding round was a strategic investment round in October 2019, led by SoftBank Group.
Who were WeWork's investors?WeWork's investors included SoftBank Group, Benchmark, JPMorgan Chase, Harvard Management Company, T. Rowe Price, Hony Capital, Wellington Management, Glade Brook Capital Partners, Fidelity, Aleph and 6 others.
What was WeWork's revenue?WeWork's last recorded revenue was $1.8B (October 2019).
What was WeWork's revenue multiple?WeWork's last valuation implied a 4.4x revenue multiple ($8B valuation on $1.8B of revenue).
Who were WeWork's competitors?WeWork's competitors included Beeplus Co-working Space, Aspen Group, GMR Power and Urban Infra, Attacq Limited, Maxi Renda Fundo Invest and Guy & Doron Levy Engineering Construction Investment.
How many companies did WeWork acquire?WeWork acquired 19 companies, including Common Desk, Spacious, SpaceIQ, Waltz and Prolific Interactive.
What was the largest acquisition by WeWork?The $400M acquisition of Naked Hub in April 2018 was the largest acquisition WeWork made.
How many companies did WeWork invest in?WeWork invested in 19 companies, including Dandi Fertility, Wilco, Upflex, Wework India Management, Shiftsmart, Jones, CasaOne and OpenSpace.
What was WeWork's last investment?In May 2024, WeWork invested in Dandi Fertility's $1M pre-seed round alongside Tiferes Ventures, Ruttenberg Gordon Investments and Winklevoss Capital.

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