WeWork

WeWork is an American company which provides shared workspace, community, and services for entrepreneurs, freelancers, startups and small businesses. Founded in 2010, it is headquartered in New York City.[1] As of December 2015, WeWork had 54 coworking locations in across the U.S., Europe and Israel – twice as many as it had at the end of 2014[2] with plans to expand to reach every continent (except Antarctica) by 2017.[3] A $400 million funding round this summer from Fidelity, J.P. Morgan and other major investors brought the company’s total funding to an estimated $1 billion and raised its valuation to $10 billion—double its $5 billion last December. [4] WeWork was named among the “most innovative companies” of 2015 by Fast Company magazine.[5]

WeWork designs and builds physical and virtual communities[6] in which entrepreneurs share space and office services and have the opportunity to work together.[7] The company’s 30,000+ members have access to health insurance, an internal social network, social events and workshops, and an annual summer retreat.[8][9][10]

WeWork has more than 250 employees[8] and plans to open additional locations in New York City, London, Los Angeles, Austin, Amsterdam, Chicago, and Miami.

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Raised on a kibbutz in Israel, the CEO of WeWork Adam Neumann has turned communal work spaces that rent for as low as $45 a month into a $10 billion business. Launched in 2010 with cofounder Miguel McKelvey, the company has raised more than $900 million from investors like Goldman Sachs, JP Morgan Chase, and Benchmark Capital and has set up offices in 14 U.S. cities, Canada, Israel and with expansion across Europe. WeWork’s post-funding valuations have skyrocketed from $1.5 billion to $10 billion in little more than a year; it touts perks like arcade rooms and on-site beer kegs, and also cuts down on overhead costs for members by offering cloud computing services and health insurance.