WeWork’s low defensive walls have left it vulnerable to rivals, which are pulling in cash for expansion. Investors considering the firm’s IPO can add concerns about the durability of its first-mover advantage to a long list of red flags. richardbeales1
Knotel, which describes itself as the world’s leading flexible workspace provider, said on Aug. 21 that it had raised $400 million in funding led by Wafra, an investment arm of the Sovereign Wealth Fund of Kuwait.
The investment came in return for 15%-30% of the company, according to a Bloomberg interview with co-founder and Chief Executive Amol Sarva, implying a valuation for Knotel of between $1.3 billion and $2.7 billion. Industrious, another coworking startup, said on Aug. 22 it had raised $80 million for further expansion. The company expects to be profitable in 2020, Reuters reported.
The We Company, the parent company of the WeWork shared-office business, filed with U.S. regulators for an initial public offering on Aug. 14. The SoftBank-backed firm’s last private-market valuation was $47 billion.
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