WeWork Doubles its Corporate Client Base in One Year, Report Says
According to a Recode report, big corporate clients earned the shared office space company $250 million in revenue this past year
Corporate businesses that lease office space from WeWork generated $250 million in revenue this year for the co-working real estate startup, according to a report published last week on ReCode.
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The article cites data from WeWork, saying that businesses with 1,000 employees or more brought in 25% of WeWork’s $1 billion annual revenue this year and 30% of the company’s monthly revenue. The number of WeWork’s large corporate clients has doubled this year, to more than 1,000, according to the report.
A spokesman for WeWork confirmed the details.
Co-founded in 2010, WeWork grew from two workspaces and a thousand employees in its first year to around 15 thousand workers in 155 offices around the world. The company is currently valued at $20 billion after a $4.4 billion investment from Softbank Group Corporation in August.
Last week, WeWork announced it had bought Meetup, a 35 million members networking website and mobile app where users can organize and participate in offline group meetings based on shared interests.
In November, WeWork announced a $32 million investment in women-only coworking startup The Wing, WeWork’s largest investment to date.
In October, WeWork announced a plan to move into a new New York City Headquarters inside department store Lord & Taylor’s flagship Fifth Avenue store, which the company acquired for $850 million.