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Female-oriented coworking company The Wing was once valued at nearly $365 million but that was before WeWork’s IPO debacle. Now, sources say that The Wing’s valuation has dropped to $200 million after WeWork sold its stake in the startup. The sale indicated that The Wing would have a valuation of $165 million.
WeWork saw a loss of around $17 million from the transaction. Buyers of the stake included Hollywood talent powerhouse Creative Artists Agency (CAA), Avid Ventures, DAG Ventures and real estate investment company DivcoWest.
“Our investors were able to take advantage of a unique and unexpected opportunity with WeWork,” said Zara Rahim, a spokesperson for The Wing. “They doubled down on their commitment to the company by increasing their ownership and putting an additional US$15 million in new capital that will help us grow and scale.”
WeWork started selling off its acquisitions and stakes after failing to go public last year. Along with sellings its stake in The Wing, it sold off its recently acquired businesses such as Managed by Q and Teem.
