NEW YORK & SHANGHAI–(BUSINESS WIRE)–Sep 23, 2020–
WeWork, the world’s leading flexible space provider, today announced a $200 million follow-on investment in WeWork China led by Trustbridge Partners. Since 2018, Trustbridge has played a critical role in the company’s development across the region and this investment further cements our continued partnership.
In the four years since opening its first location in 2016, WeWork China has grown to more than 100 locations across 12 cities, providing more than 65,000 members with flexible and innovative space solutions. This latest investment will enable WeWork China to continue supporting the diverse and growing ecosystem of entrepreneurs, medium-sized businesses, and enterprise companies across the region. As companies around the world look to reassess their real estate portfolio and adapt to the new needs of workers in a post COVID-19 world, WeWork China will continue to be the partner of choice for world-class, flexible space solutions.
“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.”
“Having watched the execution of WeWork in Greater China over the past few years, and the growing need for flexibility accelerated by the pandemic, Trustbridge firmly believes the demand that WeWork provides will only continue to increase,” said Feng Ge, Managing Partner at Trustbridge Partners. “Aligning with Trustbridge’s philosophy in adopting a unique ecosystem-driven approach concentrating on the value of physical space, design and helping companies transform, Trustbridge is confident of the growing demand for space-as-a-service as companies in Greater China continue to grow and maximize the unprecedented growth opportunities ahead.”
With immediate effect, Michael Jiang has been appointed as the Acting CEO of WeWork China. Prior to joining Trustbridge Partners as an Operating Partner, Michael Jiang was a Senior Vice President of Meituan-Dianping, one of China’s leading e-commerce platforms for services, where he led various businesses and corporate functions including new retail, user platform, and human resources. Prior to the merger of Meituan and Dianping, Michael served as Vice President of Product & Operations in 2010 and subsequently in 2014 served as the Chief Strategy Officer at Dianping.
WeWork provides members with space, community, and services through physical and virtual offerings. As of 2020 second-quarter close, WeWork has 843 locations, in 150 cities and 38 countries across the world, as well as 612,000 memberships — with Enterprise representing 48% of that total.
About Trustbridge Partners
Trustbridge Partners (“TBP”) is a leading growth equity investment firm. The firm was founded in 2006 and has achieved top quartile performance across all six of its established funds investing largely in leading companies that redefine industries through unique products, technologies and service models. TBP is particularly focused on leveraging trends in demographics and technology as well as sectors where structural change is taking place. The firm is mission-driven in its approach and has a deep commitment to making positive change for people, by investing in and managing consumer companies relentlessly focused on improving lives. The firm maintains offices in Shanghai, Hong Kong and Boston.
View source version on businesswire.com:https://www.businesswire.com/news/home/20200923005947/en/
Nicole Sizemore / Jenny Chan
KEYWORD: NEW YORK CHINA UNITED STATES NORTH AMERICA ASIA PACIFIC
INDUSTRY KEYWORD: PROFESSIONAL SERVICES OTHER PROFESSIONAL SERVICES OTHER CONSTRUCTION & PROPERTY HUMAN RESOURCES COMMERCIAL BUILDING & REAL ESTATE CONSTRUCTION & PROPERTY CONSULTING
SOURCE: WeWork Companies LLC
Copyright Business Wire 2020.
PUB: 09/23/2020 06:01 PM/DISC: 09/23/2020 06:02 PM