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Reports have revealed that WeWork is looking to sell its minority stake in female-oriented coworking operator The Wing.
This transaction would come as WeWork looks to gather more financials on its path to profitability.Â
WeWork owns about 23% of The Wing, which has been valued at $58.8 million as of June 2019.
Currently, the company has 10,000 members across eight locations in the U.S. as well as locations in London and Toronto in the pipeline.
The news of this comes just after WeWork announced it would formally be delaying its long-awaited initial public offering after dealing with a turbulent few weeks. It is also weighing the sale of startups it has recently acquired such as Meetup, Managed by Q and Conductor.
The Wing has seen major boom over the past year, with triple-digit revenue and membership growth. Its most recent funding round was led by Sequoia Capital along with investors such as actress Kerry Washington and U.S. women’s national soccer team players Alex Morgan and Megan Rapinoe.
