WeWork’s SPAC Path Raises Questions
“WeWork’s new strategy for going public is beginning to have uncomfortable echoes of the disastrous initial public offering attempt that tanked its value in 2019,” Bisnow reported this week. According to the report, in promoting its deal with BowX Acquisition Corp., the coworking company has used projections and financial projections that are reminding investors of the metrics Adam Neumann used to push WeWork’s 2019 IPO attempt. WeWork is presenting projections based on 100% occupancy for locations and including locations and members from China and India—which have been spun off and are not part of the entity trying to go public.
TEC Named One of Asia’s Fastest Growing Companies
Flexible workspace operator, The Executive Centre, was ranked in the Financial Times Top 500 APAC High-Growth Companies 2021. The flexible workspace company was ranked 409th on the list, after it saw its revenue grow from US$140.74 million in 2016 to US$235.75 million in 2019, registering an absolute growth rate of 67.5% and a CAGR of 18.8%. Paul Salnikow, Founder and CEO, believes the company will continue to grow in the coming years; “we have witnessed steady demand throughout the last year as the pandemic has led companies to preserve costs and seek more flexibility from their partners. As the office remains as an essential space to foster creativity and collaboration, we believe that more companies will adopt a flex-and-core strategy to allow greater agility to expand in tandem with business growth.”
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InfinitSpace Raises €1m of Funding in Less than Six Weeks
Silicon Canals reported this week that infinitSpace—a flexible workspace brand started by ex-WeWork executive, Wybo Wijnbergen, has raised €1m of funding in less than six weeks. The funds will be used to power the company’s growth in Germany, Israel, the Netherlands, and the United Kingdom. The company was founded in 2020; its leaders believe that the flexible workspace industry will boom in the coming years as unicorns and S&P 500 companies shift their office portfolio to incorporate flexible and hub-and-spoke workspace solutions.Share this article