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WeWork to get another US$200m
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World-leading flexible workspace provider WeWork said yesterday Trustbridge Partners would invest another US$200 million as the two companies deepen their partnership.
鈥淲eWork China has built a business that has cemented WeWork鈥檚 position across the region as the market leader in flexible space,鈥 said Sandeep Mathrani, chief executive officer of WeWork. 鈥淭his investment is a testament to our business and in Trustbridge we have truly found the best local partner for WeWork China鈥檚 next chapter.鈥
Since opening its first location in Shanghai鈥檚 central Jing鈥檃n District in 2016, WeWork China has grown its portfolio to over 100 locations across 12 cities, serving over 65,000 members.
This latest investment will enable WeWork China to continue supporting the diverse and growing ecosystem of entrepreneurs, medium-sized businesses, as well as enterprise companies, according to the New York-based company.
鈥淗aving watched the execution of WeWork in China over the past few years, and the growing need for flexibility accelerated by the pandemic, Trustbridge firmly believes the demand that WeWork provides will only continue to increase,鈥 said Ge Feng, managing partner at Trustbridge Partners.
Michael Jiang, an operating partner at Trustbridge Partners, has been appointed as the acting CEO of WeWork China.
As of the second quarter in 2020, WeWork has 843 locations in 150 cities and 38 countries and regions, and 612,000 memberships.
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