WeWork Acquisition, Valuation, Funding & Investors
WeWork was acquired by Yardi for $765M in May 2024.
WeWork acquisition price
$765M
Acquired by Yardi · May 2024
WeWork revenue
$1.5B
Undisclosed stage · Nov 2018
Cumulative funding WeWork raised
$10B
across 8 funding rounds
Key investors in WeWork
SoftBank Group
T. Rowe Price
JPMorgan Chase
Hony Capital
Goldman Sachs
Fidelity
About WeWork
WeWork is a New York-headquartered global platform transforming urban buildings into flexible workspaces since 2010. It operates in cities including London, Tokyo, and Sydney, offering private offices, hot desks, dedicated desks, and event spaces equipped with high-speed internet, meeting rooms, and community events for freelancers, startups, and corporations.
Founded
2010
HQ
New York City, NYWebsite
Status
Acquired
Customer focus
B2B & B2C
Revenue model
Subscription
Revenue
$1.5B (Nov 2018)
Valuation
$47B (Jan 2019)
WeWork Acquisition
WeWork was acquired by Yardi for $765M on 2 May 2024.
Before the acquisition WeWork had raised $10B across 8 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.
| Acquirer | Date | Type | Price |
|---|---|---|---|
| 2 May 2024 | Strategic M&A | $765M |
WeWork Valuation
WeWork is currently valued at $47B, based on its Series H in January 2019.
The $1B round was led by SoftBank Group.
WeWork's valuation has grown 107x from $440M at its Series B in February 2013 to $47B in January 2019, across 7 priced rounds.
WeWork valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Jan 2019 | Series H | $47B | - |
| Nov 2018 | Undisclosed stage | $42B | 28.0x |
| Aug 2017 | Series G | $20B | 22.6x |
| Nov 2016 | Series F | $17B | 38.8x |
| Mar 2015 | Series E | $10B | 10.0x |
| Oct 2014 | Series D | $5B | - |
| Feb 2013 | Series B | $440M | - |
WeWork Revenue
WeWork's latest recorded revenue is $1.5B, as of its undisclosed-stage round in November 2018. At a $42B valuation, that implies a 28.0x revenue multiple.
Revenue grew from $1B in March 2015 to $1.5B in November 2018, while the revenue multiple moved from 10.0x to 28.0x.
WeWork revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Nov 2018 | $1.5B | $42B | 28.0x | Undisclosed stage |
| Aug 2017 | $886M | $20B | 22.6x | Series G |
| Nov 2016 | $436M | $17B | 38.8x | Series F |
| Mar 2015 | $1B | $10B | 10.0x | Series E |
* 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
WeWork has raised a total of $10B across 8 funding rounds.
WeWork's first fundraising round was a $40M Series B in February 2013. The most recent completed round was a $1B Series H in January 2019.
WeWork funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Jan 2019 | Series H | SoftBank Group (lead) | $1B | $47B | - |
| Nov 2018 | Undisclosed stage | SoftBank Group (lead) | $3B | $42B | WeWork, 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 2017 | Series G | SoftBank Group (lead); Greenland Hong Kong Hldgs; Hony Capital; China Oceanwide | $4.4B | $20B | WeWork, 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 2016 | Series F | Hony Capital (lead); Legend Hldgs (lead); JinJiang WeHotel | $690M | $17B | WeWork, 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 2015 | Series E | Glade Brook Capital Partners (lead); Fidelity; T. Rowe Price; JPMorgan Chase | $434M | $10B | WeWork 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 . |
| Oct 2014 | Series D | Goldman Sachs (lead); T. Rowe Price (lead); Wellington Management (lead); Harvard Management Company; Benchmark; JPMorgan Chase | $355M | $5B | WeWork, 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. |
| Nov 2013 | Series C | Aleph; DivcoWest | $150M | - | - |
| Feb 2013 | Series B | - | $40M | $440M | WeWork, 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. |
Who has invested in WeWork?
16 investors have backed WeWork across its funding rounds, including SoftBank Group, T. Rowe Price, JPMorgan Chase, Hony Capital, Goldman Sachs and Fidelity.
Lead investors include SoftBank Group, Hony Capital, Legend Hldgs, Glade Brook Capital Partners, Goldman Sachs and 2 other investors.
WeWork Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
 Tokyo | 3 | Lead | Aug 2017 | |
| Baltimore, MD | 2 | Lead | Oct 2014 | |
| New York City, NY | 2 | Participant | Oct 2014 | |
 Beijing | 2 | Lead | Nov 2016 | |
| Boston, MA | 1 | Lead | Oct 2014 | |
| Greenwich, CT | 1 | Lead | Mar 2015 | |
| Boston, MA | 1 | Participant | Mar 2015 | |
| Boston, MA | 1 | Participant | Oct 2014 | |
 Israel | 1 | Participant | Nov 2013 | |
| San Francisco, CA | 1 | Participant | Oct 2014 | |
| Shanghai | 1 | Participant | Aug 2017 | |
| Beijing | 1 | Lead | Nov 2016 | |
| New York City, NY | 1 | Lead | Oct 2014 | |
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Start Free TrialAcquisitions by WeWork
WeWork has acquired 20 companies to date.
Last acquisition by WeWork was on January 25th 2022. WeWork acquired Common Desk for $21M.
Latest Acquisitions by WeWork
| 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 Country | | | | | |
| HQ City | Dallas, TX | New York City, NY | San Francisco, CA | New York City, NY | |
| Deal Date | 25 Jan 2022 | 27 Aug 2019 | 30 Jul 2019 | 25 Jun 2019 | |
| Valuation | $21M | $42M | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Investments by WeWork
WeWork has invested in 21 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
| 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-headquartered platform managing hybrid work environments for enterprises worldwide. It connects companies to a global network of flexible workspaces, enabling desk booking, space utilization analytics, and employee scheduling. The asset-light model reduces real estate costs by up to 50 percent through on-demand office access in over 10,000 locations across North America and Europe. Upflex serves clients like Salesforce and Colliers, integrating with tools such as Slack and Google Workspace for seamless operations. | 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 Country | | | |  | |
| HQ City | New York City, NY | Tel Aviv | New York City, NY | Bangalore | |
| Deal Date | 8 May 2024 | 20 Jun 2022 | 24 May 2022 | 5 Jun 2020 | |
| Round | Pre-seed | Seed | Series A | Strategic investment | |
| Raised | $1M | $7M | $30M | $99M | |
| Investors | Tiferes Ventures; Ruttenberg Gordon Investments; Winklevoss Capital | Dave Bisceglia; Vertex Ventures; Samsung NEXT; Graph Ventures; Mike Vorhaus; Hetz Ventures; Flybridge; Ariel Tiger; Sagi Schliesser; Farhan Thawar; Operator Partners | Ecosystem Integrity Fund | - | |
| Valuation | undisclosed | undisclosed | $100M | $500M | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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WeWork Competitors
WeWork competitors include listed companies like Harworth Group, Naphtha Israel Petroleum, Archicom and National Inv Co, and private ones like Beeplus Co-working Space and Guy & Doron Levy Engineering Construction Investment.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Guangdong | Private | - | - | $142M | - | |
 United Kingdom | Publicly listed | $174M | $36M | $764M | 5.1x | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Naphtha Israel Petroleum | Israel | Publicly listed | $812M | $280M | $762M | - |
 Poland | Publicly listed | $254M | $41M | $770M | 1.7x | |
 Kuwait | Publicly listed | $80M | $39M | $758M | - | |
| Herzliya | Private | - | - | $779M | - |
WeWork Public Comps
WeWork is no longer listed, but its public comps include Harworth Group, Naphtha Israel Petroleum, Archicom, National Inv Co, Anan Investment Holding, Attacq Limited, Aspen Group, UDC Qatar, Opportunity FII and Palm Hills Developments.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $174M | $36M | 5.9x | 5.1x | 28.3x | 60.1x | |||
| Naphtha Israel Petroleum | $812M | $280M | 1.9x | - | 5.4x | - | ||
| $254M | $41M | 3.8x | 1.7x | 23.3x | 8.4x | |||
| $80M | $39M | 14.2x | - | 29.2x | - | |||
| $313M | $98M | 2.5x | - | 7.9x | - | |||
| $193M | $142M | 6.7x | 11.2x | 9.0x | - | |||
| $76M | $60M | 12.3x | 8.9x | 15.5x | 23.1x | |||
| $531M | $188M | 3.5x | - | 9.9x | - | |||
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Common questions about WeWork
| When was WeWork founded? | WeWork was founded in 2010. |
| Where is WeWork headquartered? | WeWork is headquartered in New York City, NY, United States. |
| Is WeWork publicly listed? | No, WeWork was acquired by Yardi in May 2024. |
| 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. |
| What is WeWork's valuation? | WeWork was last valued at $47B in its Series H in January 2019. |
| How much funding has WeWork raised? | WeWork has raised $10B across 8 funding rounds. |
| What was WeWork's last funding round? | WeWork's last funding round was a $1B Series H in January 2019, led by SoftBank Group. |
| Who are WeWork's investors? | WeWork's investors include SoftBank Group, T. Rowe Price, JPMorgan Chase, Hony Capital, Wellington Management, Glade Brook Capital Partners, Fidelity, Harvard Management Company, Aleph, Benchmark and 6 others. |
| What is WeWork's revenue? | WeWork's latest recorded revenue is $1.5B (November 2018). |
| What is WeWork's revenue multiple? | WeWork's latest valuation implies a 28.0x revenue multiple ($42B valuation on $1.5B of revenue). |
| Which companies are comparable to WeWork? | Companies comparable to WeWork include Beeplus Co-working Space, Harworth Group, Naphtha Israel Petroleum, Archicom, National Inv Co and Guy & Doron Levy Engineering Construction Investment. |
| How many companies has WeWork acquired? | WeWork has acquired 19 companies, including Common Desk, Spacious, SpaceIQ, Waltz and Prolific Interactive. |
| What was the largest acquisition by WeWork? | The $503M acquisition of Spacemob in August 2017 is the largest acquisition WeWork has made to date. |
| How many companies has WeWork invested in? | WeWork has invested in 21 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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