Equity Firm Takes Controlling Stake In WeWork China
WeWork has revealed that it has raised a $200 million investment in WeWork China from Trustbridge Partners. This deal gives the Shanghai-based growth equity firm a majority stake in the coworking company’s Chinese entity.
Currently, WeWork China has over 100 locations across 12 cities and offers members access to outfitted workspaces.
As part of the deal, Trustbridge Partners’ operating partner Michael Jiang will serve as CEO for WeWork China.
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“WeWork China has built a business that has cemented WeWork’s position across the region as the market leader in flexible space,” said Sandeep Mathrani, CEO of WeWork. “The value proposition and long-term potential for WeWork is increasingly clear as the demand for flexibility at scale comes to the forefront of businesses around the world. This investment is a testament to our business and in Trustbridge we have truly found the best local partner for WeWork China’s next chapter.”
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