Date
11 December 2017
A WeWork shared office in Hong Kong. The co-working space provider said it is acquiring Meetup to further their shared mission of bringing people together in the real world. Photo: Bloomberg
A WeWork shared office in Hong Kong. The co-working space provider said it is acquiring Meetup to further their shared mission of bringing people together in the real world. Photo: Bloomberg

Office-sharing startup WeWork acquires Meetup

Co-working space provider WeWork is buying Meetup, an online social networking site for people to organize or join group meetings in the real world, adding another asset to the rapidly expanding rental startup’s roster.

The two New York City-based companies announced the deal in an online blog post on Tuesday after Crunchbase News reported that Meetup chief executive and co-founder Scott Heiferman revealed it to his staff, telling them that “we are being acquired by WeWork”.

Terms of the agreement were not disclosed.

In the blog post, WeWork CEO Adam Neumann said: “By joining our companies together we can accomplish even more.” 

“WeWork has space for community, and Meetup needs space for community. Voila!” Meetup said in a statement on its website.

Meetup’s 35 million members mostly get together on weeknights and weekends. WeWork has 10 million square feet of space in 17 countries that are mostly occupied on weekdays.

Reportedly now valued at US$20 billion, WeWork received a massive US$4.4 billion investment from Japan’s SoftBank Group and its Vision Fund in August.

It has been expanding rapidly of late, growing its network to include more than 10 million square feet of office space in 170 locations in 58 cities.

As TechCrunch reports, WeWork has been on an acquisition spree this year after the funding round. Over the past six months, it has acquired Fieldlens, a communication system for the construction industry; Singaporean co-working space startup Spacemob; enterprise sales and marketing platform Unomy; and computer coding academy Flatiron School.

The company also recently paid US$850 million for Lord & Taylor’s former Fifth Avenue flagship department store to serve as its Manhattan headquarters.

Founded in 2002, Meetup is an online pioneer in helping groups of people organize offline gatherings based on shared interests.

Meetup now hosts more than 500,000 meetups every month in over 180 countries. It has 35 million members and over 300,000 “IRL” (“in real life”) community meetups to date, according to its website.

More than 100,000 people have attended meetups at WeWork locations so far this year, the companies said on Tuesday.

According to Crunchbase, Meetup hasn’t taken part in a funding event since 2014, and it has only taken about US$18 million in investments.

– Contact us at [email protected]

BN/CG

EJI Weekly Newsletter

Please click here to unsubscribe