Flexible space provider WeWork has announced a US$200 million follow-on investment into WeWork China led by private equity firm, Trustbridge Partners.
“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.”
Since launching in the region in 2016, WeWork China has opened over 100 locations across 12 cities, hosting over 65,000 members in its collaborative, flexible co-working spaces. With budgets under a tighter microscope since the onset of COVID-19, it's certainly in companies' interests to make considerations for their current real estate needs, especially as various remote and temporary working solutions have shown a great deal of success in the interim.
“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,” added 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.”
Accompanying the investment, operating partner of Trustbridge Partners Michael Jiang has been appointed as acting CEO of WeWork China. Before joining Trustbridge, Jiang served as SVP of Chinese e-commerce platform, Meituan-Dianping, where he oversaw new retail, platform, and human resources.