WeWork Acquires Rival Spacious Ahead Of The IPO

Image
wework

Coworking space provider WeWork through its parent company The We Company has confirmed acquiring New York-based Spacious for an undisclosed sum.

Spacious was founded in 2016 by Chris Smothers and Preston Pesek as a company which can transform available urban space into a network of a shared drop-in workspace where the members can sit out to work and will get access to every location, high-speed wifi, complimentary coffee, all the outlets. It also allows lets the members use the space for meetings as well.

SpaciousSince its inception, the firm had raked in $9.1 million in funding from backers that include the names like Baseline Ventures, Redpoint, Lerer Hippeau, August Capital, MetaProp NYC, and BoxGroup. The firm charges $20 day pass all the way up to a $129 per month annual membership.

WeWork chief product officer Chris Hill talking about the deal through a statement said, "Spacious’ team and real estate and operational expertise will help enable WeWork to continue to give our members access to the workspace they want when they need it. We’re thrilled to welcome Spacious to WeWork,” in a statement.

Preston Pesek, the CEO of Spacious talking about the acquisition said that "In WeWork, we have found much natural alignment across our visions for the integration of work, technology, and physical space. We’re thrilled for the opportunity to continue to serve our members at Spacious today as part of the greater WeWork community."

Notably, the deal has come at a time when The We Company has filed for an IPO earlier in the month.  It will be interesting to see how much the firm will manage to get through the IPO and if this acquisition will have any say in the IPO.

 

Image Courtesy : commercialObserver, Spacious

Add new comment

About Author