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WeWork doubled its big corporate client base this year, which generated $250 million in revenue

  • Posted by admin on December 1, 2017

More than 1,000 companies with 1,000+ employees use the co-working space.

Big businesses that lease co-working space at WeWork generated $ 250 million this year in revenue. These companies make up 25 percent of the WeWork’s total $ 1 billion annual revenue as well as 30 percent of new monthly revenue, according to WeWork.

And the number of corporate, or enterprise customers — those with 1,000 or more employees — has doubled from last year to over 1,000.

WeWork said overall monthly sales have grown 250 percent from Jan. 1 to Dec. 1 and have helped the company with record expansion, but it did not provide new monthly sales numbers.

This quarter alone, WeWork will add 36 new locations — including in Toronto, Miami and Seoul — more locations than it opened in all of 2015. Twenty-three locations are opening today for a total of 200 locations globally.

Corporate clients, who rent huge blocks of desks and even whole floors or whole WeWork locations at a time, have also allowed WeWork to open new locations more fully rented than before, WeWork’s chief growth officer Dave Fano told Recode.

“Larger companies have more visibility into their pipeline — they know what they will need and where,” he said. “They’re one of the things enabling our growth.”

Due to the lag time from leasing a building and renovating it to become a WeWork location, most of these new additions were commissioned before SoftBank infused the startup with $ 4.4 billion in cash, Fano said. Thanks to the investment, the company expects the recent level of growth to increase or even accelerate into the first quarter of 2018.

WeWork, which bought IRL social network MeetUp earlier this week, now has 175,000 individual members worldwide, up more than 40 percent since July.


Recode – All

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