Jul 25, 2016
WeWork
Hi everyone,
Does anyone know anything about how Wework raised it's equity on it's series A? Would anyone have any sources to recommend for equity for a competitor of theirs with a similar product?
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Comments (6)
Grind is a cowork company as well.
Industrious, Serendipity, and Level are other competitors.
"There are only two opinions in this world: Mine and the wrong one." -Jeremy Clarkson
Is everyone "f"messing with me?
Perhaps I wan't clear. I am raising equity for a competitor, who by the nature of the business, like wework, does not have any assets to lend against. So while I would assume this would rule out any real estate lenders are their sources of equity that I should be going to for this type of product.
I would suggest you go the GCUC conferences. They cover how to obtain funding pretty extensively. Additionally, if this space is planning on opening in one of the major coworking markets (NY, Chicago, SF, LA) it would be good to have connections with a lot of the people who attend. The only downside of the whole thing is they push the operators not to use brokers which is pretty stupid.
The incubator/coworking space I'm most familiar with, HQ Raleigh (4 cities, even with the name), is more of a passion project funded entirely by a group of "serial entrepreneurs." It might be worth looking outside real estate equity sources, as you alluded to, and trying to find entrepreneurs who can take both an active and passive role in the venture.
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