IWG Provides The Wing With Much-needed Fundraising
Female-oriented coworking operator The Wing, which was on the cusp of filing for bankruptcy, has been given a second chase.
IWG has provided The Wing with an undisclosed new round of fundraising so it can expand across the country and worldwide.
“We are thrilled to share that The Wing has partnered with IWG PLC, the world’s largest flexible workspace provider, paving the way for The Wing to pursue its substantial growth plans both in the U.S. and internationally,” said a spokesperson for The Wing. “We welcome IWG to our team to bring two organizations together with a shared commitment in creating communities and spaces designed for women.”
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In the heyday of coworking, The Wing was raising millions of dollars in fundraising from companies like Sequoia Capital and WeWork.
After WeWork divested its stake it had in The Wing, the social club’s valuation fell from $365 million to $200 million.
Then, The Wing laid off the majority of its hourly workers and half of its corporate staff at the beginning of the pandemic. In July, it let go of an additional 58 employees.
It also came under scrutiny after staff members made complaints about their working conditions and mistreatment of people of color.
In October, it was reported that the company’s financials are greatly struggling and that it was close to filing for bankruptcy.
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