WeWork Cos., Known for bringing people together in common spaces to work or even live, is buying Meetup Inc., which uses the Internet to help people connect in the real world.
The agreement is the latest in New WeWork, based in York, seeks to multiply the ways in which you can use your joint work spaces around the world and find new ways to increase revenue and justify your valuation of almost $ 20 one billion
WeWork has been buying this year, buying smaller startups, including the Singapore-based co-working company Spacemob, the computer coding academy The Flatiron School and investing in the fast-growing women's club The Wing . He is even testing a private elementary school for kindergarten children in one of his New York locations.
"A lot of people say, 'Oh, my God, they're growing up too fast, they're acquiring all these different things,'" Scott said. Belsky, risk partner in Benchmark Capital and investor in Meetup. "Meetup makes sense, it could be one of the acquisitions that makes the most sense." Terms of the deal were not disclosed.
WeWork already hosts thousands of people for "meetings" every year, WeWork executive director Adam Neumann said in a blog post. "By joining our companies, we can achieve even more," he said.
Meetup CEO Scott Heiferman co-founded the company in 2002 to bring people together in real life in an increasingly online world. "If you think about it, there is only one other important entrepreneur in our generation who is saying the same thing, and that is Adam Neumann," Belsky said. "It's very complementary that way."
Meetup, also based in New York, has long avoided acquiring excessive amounts of venture capital, raising only about $ 18 million to date, according to the private company database Crunchbase. It hosts more than 500,000 monthly meetings in more than 180 countries, focusing on everything from rock climbing and French clbades to support groups for cancer survivors.
The 35 million Meetup gather mainly during week nights and weekends, the company said. Meanwhile, WeWork has 10 million square feet of space in 17 countries occupied mostly on weekdays.
"WeWork has space for the community, and Meetup needs space for the community. Meetup said in a statement on its website.
For WeWork, the agreement adds a new dimension to its growing brand. The company, which began offering professional office space for freelancers and independent workers, wants to multiply its success by working together in a lifestyle brand "We" that incorporates not only work but also life and well-being for people with community mentality . WeWork now also has WeLive buildings, where young professionals can share homes, and addresses the next generation of potential customers with their elementary school pilot program.
In a move that reflects its ambitions, WeWork recently purchased the Lord & Taylor building in New York to serve as its future global headquarters.