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Venture Capital News: WeWork Receives $400M

NEW YORK, NY, WeWork, which sublets office space to budding entrepreneurs, is raising a new round of capital at a valuation of $10 billion.
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WeWork is raising a new round of capital at a valuation of $10 billion, people with knowledge of the matter said.

That is twice what the startup was worth in its Series D round last December, said the people, who asked not to be identified because the information is private. The financing may be announced as soon as this week, the people said.

WeWork, with 23,000 customers in 32 locations from Seattle to Tel Aviv, offers memberships for as little as $45 per month. The New York-based company portrays itself as a new kind of workplace, complete with beer and neon-lit slogans such as 'Never Settle Ever.'

A spokeswoman for WeWork declined to comment.

WeWork was started five years ago by Israeli-born Adam Neumann, who followed his model sister to the U.S. in 2001. He founded several companies before WeWork, including brands of children's clothing.

The company's current investors include JPMorgan Chase & Co., Harvard Management Co., Benchmark Capital, Goldman Sachs Group Inc., Wellington Management and T. Rowe Price Group Inc.
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