Following a $400 million funding round, Knotel reached unicorn status just a week after rival WeWork filed for an initial IPO. Knotel’s latest funding round was led by Wafra, the investment arm of the Kuwait government; other investors include Mori Trust, Itochu, Mercuria, and Newmark Knight Frank. Amol Sarva, co-founder and CEO of Knotel, is reported to have given up 15 to 30% of the company in exchange for the new funds. The company is now valued at $1.3 billion.
Flexible workspace operator, Industrious announced that it recently raised $80 million from investors and that it expects to turn a profit as soon as 2020. The recent $80 million, raised in a Series D round, bring the total funds raised by Industrious to just over $220 million. Investors in the company include Brookfield Property Partners, Equinox, and Canada Pension Plan. Industrious currently operates over 80 flexible workspace locations across the US and it has turned to revenue-sharing agreements with landlords to power its growth.
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Following the publishing of its prospectus, WeWork has faced significant backlash. Most recently, Democratic presidential hopeful Andew Yang called out the company via a tweet.
Yang stated that the company’s $47 billion valuation is “utterly ridiculous” and that “any equity analyst who endorses this stock about a $10 billion valuation is lying, stupid, or both.”
Spaces, the coworking arm of Regus’ parent company International Workplace Group (IWG), is set to add four new coworking space locations in North Texas. The company is expected to ad 173,396 square feet of space within the next six months. Spaces will grow its footprint with locations at Legacy Central in East Plano; Shops at Legacy in West Plano Village; and The Epic in Deep Ellum. All four locations are expected to be open before the end of 2020.