[NEWS] Startups Weekly: What’s next for WeWork? – Loganspace

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[NEWS] Startups Weekly: What’s next for WeWork? – Loganspace


Howdy and welcome support to Startups Weekly, a weekend publication that dives into the week’s great startups & undertaking capital files. Sooner than I jump into this day’s subject, let’s have interaction up a little bit. Final week, I wrote aboutscooter firms struggling to raise money. Sooner than that, I noted mykey takeaways from Recode Vox’s Code Conferencein Scottsdale, Arizona.

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I’m obvious you’re unsleeping of the co-working behemoth WeWork at this point nonetheless if now not, right here’s a rapid primer: The real estate industry posing as a “tech startup” provides office spaces to folk and firms all the device through hundreds of co-working spots scattered all the device during the globe.

Led by an eclectic chief executive by the title of Adam Neumann, WeWork made headlines this week after asserting itsacquisition of building gain entry to app Waltz. The deal represents WeWork’s third M&A transaction of 2019, following that of spatial analytics platform Euclid and office management device Managed By Q. As is recurrently the case, WeWork didn’t expose terms of the deal.

Within the final few years, WeWork has got almost a dozen startups, making it one in all essentially the most — if now notthemost — acquisitive unicorn in the valley. Those acquisitions, a revolving door of undertaking capital funding and an eventual IPO are all fragment of WeWork’s world domination opinion.

Adam Neumann (WeWork) at TechCrunch Disrupt NY 2017

WeWork filed confidentially to pass public this spring quickly after securing contemporary capital from the SoftBank Vision Fund. Now, WeWork is making ready itself for Wall Boulevard’s scrutiny by attempting to search out boost, investing in contemporary technologies and doubling down on talented teams. As we’ve pointed out sooner than, WeWork isn’t worthwhile nor wherever near profitability. Rather, the firm’s value (a laughably excessive $47 billion) is in accordance with its attainable future boost, now not its present income. Making strategic investments to develop its income streams is proper industry.

WeWork on the total is rather extra choosy with its affords, though. I could never neglect when it took abroad stakein Wavegarden, a firm that makes wave swimming pools. Yes, genuinely, that took place.

Now that WeWork has formally entered the pre-IPO stage, it must take a nearer see at its leadership. The 9-one year-light firm has an all-male board, something Canvas Ventures’ Rebecca Lynn pointed out to me onthis week’s episode of Equity, TechCrunch’s undertaking capital-centered podcast. We appreciate been discussing a contemporary lawsuit filed by outmoded WeWork executives that alleges age and gender discrimination when she noted the troubling statistic.

For a firm of that stature to now not appreciate appointed a girl to its board by now is thoughts-boggling. It ought to also be one in all essentially the most highly-valued firms in the arena on paper, nonetheless to be successful as a public firm, it has multiple element to desire out.

Anyways…

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IPO Corner:
The Precise Precise:The marketplace for luxurious consignment jumped 50% Friday in its Nasdaq IPO. The firm, led by founder and CEO Julie Wainwright, raised $300 million in the task.

Livongo:The digital neatly being industry submitted paperwork for an IPO this week, becoming a member of a protracted line of firms opting to pass public in 2019. Livongo posted $68.4 million in income final one year.

Postmates:Google’s vp of finance Kristin Reinke joined Postmates’ board of directors this week in what used to be the most modern signal the on-assign a question to food shipping startup is prepping for an drawing near near IPO.

Startup Capital:
SpaceX seeks $300M in contemporary funding
Corporate bolt platform TripActions secures $250M
Fungible gets $200M from the SoftBank Vision Fund
StockX raises $110M at $1B valuation
Cameo nabs $50M to divulge personalized messages from celebrities
Superhuman secures $33M Sequence B
SV Academy raises $9.5M to present tuition-free coaching for tech jobs

Files!
Social Capital co-founder Chamath Palihapitiya is spinning out a firm from his undertaking capital fund-turned-family-office, TechCrunch has learned. The contemporary entity, immediate dubbed CaaS (immediate for capital-as-a-provider) Applied sciences, will point of curiosity on offering files-pushed insights to VC firms. We’ve got the scoopright here.

Theranos!

Elizabeth Holmes, the founding father of the now-defunct biotech unicorn Theranos, willface trialin federal court docket subsequent summer with penalties of up to twenty years in penal complex and hundreds and hundreds of bucks in fines. Jury different will open July 28, 2020, in conserving with U.S. District Take Edward J. Davila, who announced the trial will originate in August 2020 in a San Jose federal court docket Friday morning.

Extra Crunch:
Within the occasion you’ve been doubtful whether or now not to affix TechCrunch’s awesome contemporary subscription provider, now is the time. We’ve been publishing loads of gigantic enlighten material, listed below are my favorites this week:

#EquityPod:
Within the occasion you experience this publication, be particular that to test out TechCrunch’s undertaking-centered podcast, Equity. On this week’s episode, on handright here, TechCrunch editor Connie Loizos, Canvas Ventures fundamental accomplice Rebecca Lynn and I focus on Brandless’ present scrape and broad rounds for Cameo and StockX.

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