Though industry experts believe the coworking industry will be able to survive an economic downturn, the same cannot be said about WeWork. Experts believe the coworking giant will be significantly hit during a downturn. The Real Deal reported this week that WeWork’s demand for office space has dropped, its markets have reported declining commercial rent prices, and its occupancy rates have dropped 4%. Furthermore, WeWork states that its locations take 18 months to reach full occupancy and mature, and unfortunately only 234 of its 425 locations will be mature by October of this year.
Knotel is expected to soon announce a Series C funding round for more than $200 million. According to sources, The Kuwait Investment Authority is one of the main investors for this round. The company is currently valued at $500 million, after a Series B round in October 2018 that raised $60 million. The Information was first to report (paywall).
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TechCrunch reported this week that Selina, a co-living and coworking company, raised $100 million in funding at an $850 million valuation. According to reports, the company will use the funds to expand its footprint to 130,000 beds across 400 properties by 2023. This year, the company plans to open 35 locations in the US, UK, Germany, Portugal, Greece, Israel, Argentina, Brazil, and Mexico.
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