There are new startups coming up almost every day, with this comes the major concern of accommodating them. A startup is established with a combination of innovative ideas and a group of people willing to implement them. These ideas don’t take up any physical space. But the implementation of this idea requires a workplace where the team can sit down together and work upon them. Growing population and establishment of companies has resulted in the lack of workspace. To deal with this, the concept of shared office spaces was initiated. This concept was a big hit among millennials specifically as a startup about the same is quite a success. WeWork has become one of the most valuable companies after a recent round of funding.
Founded in the year of 2010, WeWork mainly provides services of renting out shared office spaces. This workspace concept is a successful one as companies are more open to a flexible workplace culture. There was a time when certain companies were very particular about the locality of their offices and the kind of atmosphere that prevailed. But now as the availability of realty is not able to keep up with the rising demand, entrepreneurs are adjusting to the change. Also, it is an economical solution as there might be a company which might not need a particular corner of its office but it can be useful for a budding entrepreneur. This concept gives professionals a chance to interact with individuals from other fields who might come in handy when the need arises.
Financial accomplishments of WeWork
WeWork is a company spreading out in various commercial cities of the world. It establishes a global network of workplaces for the convenience of companies. The company takes up a building and transforms it keeping in mind the requirements of professionals from all kinds of fields. It promotes a cordial atmosphere among different companies so that they can help each other grow. The main aim of the company is to make sure that professionals enjoy their work instead of dreading it.
In a new Series G funding round, WeWork successfully raised an impressive amount of $760 million. This latest round of funding has brought the company on the list of the companies with the highest value. Currently, the company’s valuation is $20 billion. This figure shows that it leads the realty sector as its competitors Boston Properties is at $18.25 billion and Vornado Realty is at $17.7 billion. Before this funding round, Japan’s SoftBank had invested $300 million in March 2017. The company officials have refused to comment on the recent development but numbers can’t be wrong.