Co-working firm Spacious the latest in WeWork’s acquisition spree

Author : Shikha Sinha | Published Date : 2019-08-29 

New York-based co-working business, The We Company, formerly known as WeWork, has today announced its acquisition of rival start-up Spacious. The company, formed three years ago, is focused on converting restaurants closed during the day into efficient spaces for co-working. WeWork is a part of many niche co-working companies including Knotel, Convene, Industrious, The Yard, among others.

This deal is the latest in a string of acquisitions for WeWork this year, the latest one being the takeover of SpaceIQ, which was announced just a month ago.

This acquisition will benefit restaurants by providing them another revenue source in an otherwise slim margin field, and expanding their customer base by attracting Spacious members who frequently use the space. According to feedback given by customers, this arrangement benefits them as it is more economical than WeWork and also gives them a hard stop for their workday when the restaurants open for business.

Three-year-old co-working startup Spacious was founded by CEO Preston Pesek and Chris Smothers. Mr. Pesek has extensive knowledge of the commercial real estate sector. The business was founded with a mission to leverage underused urban spaces like vacant restaurants or empty retail spaces to provide flexible co-working solutions.

Since its inception, the company has converted several New York and San Francisco-based restaurants into weekday co-working spaces.

Spacious offers members many payment plans to gain access to a workspace, starting from a day pass worth $20 to an annual membership costing approximately $129 per month.

Following the acquisition, Spacious employees and its workspace lineup will now become part of WeWork.

Chief Product Officer of WeWork, Chris Hill commented on the deal, stating that WeWork is thrilled to have Spacious as a part of their company. He further commented that the real estate and operational expertise of Spacious’ team will allow WeWork to continue providing members with access to their preferred workspaces at all times. 

Details regarding the terms of the acquisition are yet to be disclosed.

Source Credit: https://techcrunch.com/2019/08/27/wework-acquires-co-working-rival-spacious/

About Author

Shikha Sinha

Shikha Sinha

Shikha Sinha currently pens down content for fractovia.org, a news platform which provides the latest business highlights and industry trends. Shikha also is a contributor on various other online media websites where she writes informative, research-oriented content spanning the retail, healthcare, F&B, and technology sectors. As her first stint in writing, Shikha was an active contributor on Yahoo Voices where she penned down creative and imaginative pieces. She holds a Bachelor of Technology degree in Electrical and Electronics Engineering. She can be contacted at- [email protected] | https://twitter.com/shikhas999

Related News

Clio raises $250 million in a Series D funding by TCV and JMI Equity

Published Date: 2019-09-06         Author: Shikha Sinha

The cloud-based legal technology startup hits a historic mark in future of legal industry with this investment. Clio, a leading legal software company has recently announced that it has bagged US$250 million in Series D funding from American equity firms JMI Equity and TCV. According to sour... Read More

SoftBank in talks to invest $150M in Dailyhunt and $400M in Lenskart

Published Date: 2019-08-27         Author: Shikha Sinha

SoftBank is expected to lead a $250 million round with private equity major Carlyle for Dailyhunt   South American conglomerate Synergy Group also hopes to invest in India’s Jet Airways. SoftBank Group Corp., a Japanese multinational conglomerate, is reportedly in talks to clo... Read More

HAPSMobile wins federal approval to fly unmanned aircraft above Hawaii

Published Date: 2019-08-09         Author: Shikha Sinha

The development of HAWK30 focuses on providing an enhanced stratospheric telecommunication platform Japan based HAPSMobile- a subsidiary of SoftBank Corp., has reportedly confirmed that it has received an Authorizing Certificate from US Federal Aviation Administration to fly HAWK 30, a solar oper... Read More

© 2022 Fractovia. All Rights Reserved