Due to the growing demand for shared office space in Asia, WeWork is going to invest $500 million to provide workspace for users as varied as freelancers, entrepreneurs and corporations. Concentrating in Singapore, South Korea and Southeast Asia, WeWork is set to buy Singaporean peer Spacemob for an undisclosed amount, retaining the Spacemob’s management team.
Turochas “T” Fuad, founder of Spacemob, is the WeWork’s new managing director for Southeast Asia and Matt Shampine, WeWork’s current head of marketing and revenue for Asia, is the new general manager of South Korea. After less than two weeks of setting up a Chinese unit with the injection of $500 million from China’s Hony Capital and Japan’s SoftBank Group Corp to expand beyond the currently existing locations of Beijing, Shanghai and Hong Kong, WeWork is expected to keep on expanding.
Earlier establishment in July, with joint venture with SoftBank in Japan, includes its first workspace sharing location in Tokyo to be set up next year. Adam Neumann, founder and CEO of WeWork, told Reuters in a July interview that WeWork could announce more local units soon. By having separate local entities in different locations provides the option to take some of the units’ public while keeping other entities under the core WeWork Company.
Operating properties in 16 markets and 155 properties, WeWork’s biggest market include United States, Canada and Germany.
Founded in 2010, WeWork is a provider of shared workspace for entrepreneurs, freelancers, startups and businesses and it employs 1102 employees. Serving customers worldwide, the company offers its space for monthly fees that includes high speed internet, phone service and mail handling.
Singapore based Spacemob builds foundations for businesses by providing space, technology, and connections. It is a physical and digital environment built to support the new eco-system of the global workforce – entrepreneurs, freelancers, SMEs & MNCs.