WeWork China Revenue, Valuation, Funding & Investors

WeWork China is valued at $1B as of September 2020, a 10.6x revenue multiple. WeWork China revenue was $94M, as disclosed with its latest round.

Last WeWork China valuation

$1B

Undisclosed stage · Sep 2020

Last WeWork China funding round

$200M

Undisclosed stage · Sep 2020

WeWork China revenue

$94M

Undisclosed stage · Sep 2020

Key investors in WeWork China

WeWork China Overview

About WeWork China

WeWork China is a flexible workspace provider operating in key Chinese cities such as Shanghai, Beijing, and Shenzhen. Launched in July 2017 as a subsidiary of the global WeWork network, it delivers shared offices, dedicated desks, private suites, and enterprise solutions tailored for startups, freelancers, and corporations. The operation emphasizes community-building events and on-demand office services amid China's dynamic entrepreneurial landscape. Following global restructuring, WeWork China maintains locations in premium business districts with customized amenities for local professionals.


Founded

2017

HQ

ChinaShanghai

Website

wework.cn

Status

Privately held

Customer focus

B2B

Revenue model

Subscription

Revenue

$94M (Sep 2020)

Valuation

$1B (Sep 2020)

Sectors

WeWork China Valuation

WeWork China is currently valued at $1B, based on its undisclosed-stage round in September 2020.

The $200M round was led by Trustbridge Partners.

WeWork China's valuation has moved from $1B at its Series A in July 2017 to $1B in September 2020, across 3 priced rounds.

WeWork China valuation by funding round

Revenue multiple
WeWork China valuation by funding round
DateStageValuationRevenue Multiple
Sep 2020Undisclosed stage$1B10.6x
Jul 2018Series B$5B-
Jul 2017Series A$1B-

WeWork China Revenue

WeWork China's latest recorded revenue is $94M, as of its undisclosed-stage round in September 2020. At a $1B valuation, that implies a 10.6x revenue multiple.

WeWork China revenue by funding round

WeWork China revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Sep 2020$94M$1B10.6xUndisclosed stage

* 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 China Funding History

WeWork China has raised a total of $1.2B across 3 funding rounds.

WeWork China's first fundraising round was a $500M Series A in July 2017. The most recent completed round was a $200M undisclosed-stage round in September 2020.

WeWork China funding rounds

WeWork China funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2020Undisclosed stageTrustbridge Partners (lead)$200M$1BWeWork China, the Chinese operations of the global flexible workspace provider WeWork, secured a $200 million follow-on investment led by Trustbridge Partners on September 24, 2020. This Series B-II round resulted in Trustbridge assuming operational control, with WeWork relinquishing majority stake and appointing Trustbridge operating partner Michael Jiang as acting CEO. The investment aims to localize operations, partnering with local communities, real estate firms, and Chinese enterprises amid post-COVID demand for flexible space-as-a-service. Prior to the deal, in January 2020, Trustbridge and Temasek Holdings were in talks to acquire a majority stake valuing WeWork China at $1 billion, down from its $5 billion valuation in September 2018. The unit had expanded rapidly since 2016, opening over 100 locations across 12 cities and hosting over 65,000 members. WeWork's Greater China region generated $93.56 million in revenue during the first half of 2019, representing 6% of the parent company's total revenue, with US and UK operations contributing the majority. The investment reflects WeWork's strategic retreat from aggressive expansion in China following its global downturn, where its valuation fell from $47 billion to $2.9 billion. Trustbridge, which first backed WeWork China in its 2018 Series B, sees growing demand driven by companies reassessing real estate portfolios in a post-pandemic world. Total funding raised by WeWork China reached $1.2 billion across three rounds, with Trustbridge as a repeat investor alongside SoftBank, Hony Capital, and Temasek.
Jul 2018Series BSoftBank Group (lead); Trustbridge Partners (lead); Temasek; Hony Capital$500M$5BWeWork China, the Chinese subsidiary of WeWork focused on co-working spaces, raised $500 million in a Series B round on July 26, 2018, from investors including SoftBank Vision Fund, Trustbridge Partners, Hony Capital, and Temasek Holdings, with SoftBank Vision Fund and Trustbridge Partners as leads. This round valued WeWork China at a post-money valuation of $5 billion. The funding supported expansion in China, where WeWork China had been spun out from the global WeWork business about a year prior and had already raised around $1 billion overall by mid-2018. By July 2018, WeWork China operated as a key part of WeWork's international growth strategy amid a competitive Chinese co-working market. Rivals like Ucommune raised $43.5 million shortly after at a $1.8 billion valuation, managing 160 locations across 35+ cities, while WeWork had acquired competitors like Naked Hub for around $400 million. The market saw consolidation with multiple players emerging and some failing. Global WeWork reported $1.82 billion revenue in 2018, doubling from 2017, but with $1.9 billion net losses. WeWork China later raised a $200 million Series B-II in September 2020, and a majority stake was sold for $200 million that year.
Jul 2017Series ASoftBank Group (lead); Wellington Management; Fidelity; Aleph; Benchmark; T. Rowe Price; Greenland Hong Kong Hldgs; Legend Hldgs; Goldman Sachs; JPMorgan Chase; Hony Capital; China Oceanwide$500M$1BOn July 27, 2017, WeWork China announced a $500 million investment from SoftBank Group and Hony Capital (the private equity arm of Beijing's Legend Holdings) to accelerate expansion in China. This investment was part of WeWork's broader Asia growth strategy alongside the $1.4 billion that SoftBank and the Vision Fund committed to three regional subsidiaries: WeWork China, WeWork Japan, and WeWork Pacific. Hony Capital had first partnered with WeWork for China expansion in March 2016, establishing an ongoing relationship that continued through this 2017 round. At the time of this investment, the parent company WeWork was valued at approximately $17 billion excluding the new investments, having grown to over 163 co-working centers globally including 12 locations across Shanghai, Beijing, Hong Kong, and South Korea after launching its first Asian center in Shanghai in August 2016.

Who has invested in WeWork China?

14 investors have backed WeWork China across its funding rounds, including SoftBank Group, Trustbridge Partners, Hony Capital, Goldman Sachs, Temasek and Fidelity.

Lead investors include Trustbridge Partners and SoftBank Group.


WeWork China Investors

Investors in WeWork China by funding rounds participated
InvestorHQRoundsRoleFirst check
Trustbridge PartnersUnited StatesBoston, MA2LeadJul 2018
SoftBank GroupJapanTokyo2LeadJul 2017
Hony CapitalChinaBeijing2ParticipantJul 2017
TemasekSingaporeSingapore1ParticipantJul 2018
Wellington ManagementUnited StatesBoston, MA1ParticipantJul 2017
FidelityUnited StatesBoston, MA1ParticipantJul 2017
AlephIsraelIsrael1ParticipantJul 2017
BenchmarkUnited StatesSan Francisco, CA1ParticipantJul 2017
T. Rowe PriceUnited StatesBaltimore, MD1ParticipantJul 2017
Greenland Hong Kong HldgsChinaShanghai1ParticipantJul 2017
Legend HldgsChinaBeijing1ParticipantJul 2017
Goldman SachsUnited StatesNew York City, NY1ParticipantJul 2017

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WeWork China Competitors

WeWork China competitors include listed companies like Wework India Management, Smartworks Coworking, Framery Group and IWG, and private ones like Kr Space and 5Lmeet.

Public and private companies comparable to WeWork China
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Wework India ManagementIndiaIndiaPublicly listed$255M$165M$987M5.4x
Kr SpaceChinaBeijingPrivate--$1.3B-
Smartworks CoworkingIndiaIndiaPublicly listed$187M$121M$653M5.4x
Framery GroupFinlandFinlandPublicly listed$255M$54M$602M2.7x
IWGSwitzerlandSwitzerlandPublicly listed$3.8B$487M$2.3B2.5x
5LmeetChinaChinaPrivate--$435M-

WeWork China Public Comps

WeWork China is still privately-owned, but its public comps include Wework India Management, Smartworks Coworking, Framery Group, Servcorp, Awfis Space Solutions, WOTSO Flexspace, Dev Accelerator, One Experience, IWG and WillScot.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Wework India Management$255M$165M6.0x5.4x9.3x8.3x
Smartworks Coworking$187M$121M6.1x5.4x9.5x30.8x
Framery Group$255M$54M2.7x2.7x12.7x10.2x
Servcorp$249M$67M2.2x2.1x8.1x3.5x
Awfis Space Solutions$156M$62M2.3x2.0x5.7x5.6x
WOTSO Flexspace$35M$13M4.6x-12.0x-
Dev Accelerator$24M$11M2.8x-5.7x-
One Experience$5M$106K1.6x-77.5x-

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Common questions about WeWork China

When was WeWork China founded?WeWork China was founded in 2017.
Where is WeWork China headquartered?WeWork China is headquartered in Shanghai, China.
Is WeWork China publicly listed?No, WeWork China is a private, VC-backed company.
What is WeWork China's valuation?WeWork China was last valued at $1B in its undisclosed-stage round in September 2020.
How much funding has WeWork China raised?WeWork China has raised $1.2B across 3 funding rounds.
What was WeWork China's last funding round?WeWork China's last funding round was a $200M undisclosed-stage round in September 2020, led by Trustbridge Partners.
Who are WeWork China's investors?WeWork China's investors include Trustbridge Partners, SoftBank Group, Hony Capital, Temasek, Wellington Management, Fidelity, Aleph, Benchmark, T. Rowe Price, Greenland Hong Kong Hldgs and 4 others.
What is WeWork China's revenue?WeWork China's latest recorded revenue is $94M (September 2020).
What is WeWork China's revenue multiple?WeWork China's latest valuation implies a 10.6x revenue multiple ($1B valuation on $94M of revenue).
Which companies are comparable to WeWork China?Companies comparable to WeWork China include Wework India Management, Kr Space, Smartworks Coworking, Framery Group, IWG and 5Lmeet.

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