Business Wire

WeWork Announces $500 Million Investment For New Entity Focused on Growth and Expansion in Southeast Asia and Korea


WeWork is excited to announce a $500 million investment in a new entity focused on fueling its growth and expansion in Southeast Asia and Korea.

This investment underlines the potential for WeWork in Asia and follows on the heels of WeWork’s other recent investment news from the region: a $500 million investment with SoftBank and Hony Capital dedicated to WeWork’s expansion across China, and a joint venture with SoftBank to bring WeWork's transformational community to Japan.

WeWork is also thrilled to announce that it will acquire Singapore-based coworking company Spacemob, including its founder and CEO, Turochas “T” Fuad, and his team. Fuad will become Managing Director of Southeast Asia for WeWork and will oversee the company’s expansion in the region.

Fuad founded Spacemob in early 2016 and quickly grew the company to multiple locations in Singapore, with spaces in Indonesia and Vietnam scheduled to open soon. Prior to founding Spacemob in early 2016, Fuad founded and sold two startups: WUF Networks and Travelmob. Fuad also held senior roles in Southeast Asia and Asia Pacific for Yahoo! and Skype, respectively.

Matt Shampine, currently Head of Marketing and Revenue for Asia, has been appointed General Manager of Korea for WeWork. Shampine originally joined WeWork in 2010 as a member and his digital agency went on to be a founding member of WeWork Labs. In 2013, he joined WeWork as an employee, initially as Director of Strategic Partnerships. More recently, Shampine has played a key role in WeWork’s entry and subsequent expansion in Asia.

Both Fuad and Shampine will report to Christian Lee, Managing Director of WeWork Asia.

Miguel McKelvey, Co-Founder and Chief Culture Officer of WeWork, said: “Today's announcement reaffirms WeWork's commitment to scaling our business across Asia. We are amazed and humbled by the response to WeWork so far and look forward to continuing to build our vibrant and diverse community in the rapidly evolving region. To be part of WeWork is to be connected to one of the most meaningful business networks in the world and we are excited to invite new members from some of the most creative and innovative cities on the globe. I speak for the entire WeWork team and our 130,000 members when I say I am incredibly excited to have T and the team from Spacemob join us in our mission to create a world where people work to make a life, not just a living.”

Christian Lee, Managing Director of WeWork Asia, said: “I’m delighted to welcome T and Matt to the Asia management team. Both are seasoned entrepreneurs with deep roots in Southeast Asia and they will be invaluable as we scale the business across the region. Matt’s WeWork experience -- as both a member and an employee -- will be critical as we expand our offerings in Korea. With Spacemob, T and his team will accelerate our efforts to establish WeWork in key Southeast Asia markets. The Spacemob business that T has built is a testament to him and his team's capabilities.”

Turochas “T” Fuad, Managing Director of Southeast Asia for WeWork said: “WeWork’s purpose-driven approach to providing businesses of any size with the space, community, and services they need to thrive is without equal. I could not be more proud to lead WeWork’s expansion in Southeast Asia. The region represents close to nine percent of the world’s population, it is an exciting market full of budding entrepreneurs, enterprises and creators, and that is a massive opportunity for WeWork. I know that we will have a meaningful impact on these communities. My team and I cannot wait to get started on what promises to be an incredible journey.”

Matt Shampine, General Manager of Korea for WeWork said: “It has been exciting to launch WeWork in Asia and to see the WeWork vision and community take shape here. To see the way new members have grasped WeWork’s core values has been inspiring, educational and fun. The region has so much potential, I have no doubt that current and future WeWork members in Asia -- and especially in Korea -- will thrive and contribute in a positive and meaningful way to WeWork’s global community. It’s going to be exciting to be part of it and I’m ready for the challenge.”

About WeWork

WeWork is a community for creators, providing more than 130,000 members around the world with space, community, and services through both physical and virtual offerings. WeWork’s mission is to help create a world where people work to make a life, not just a living. WeWork currently has more than 163 locations in 52 cities and 15 countries around the world. WeWork, started in New York City in 2010, was founded by Adam Neumann and Miguel McKelvey.

Contact information

Gwen Rocco

Om Business Wire

Business Wire
Business Wire
24 Martin Lane
EC4R 0DR London

+44 20 7626 1982

(c) 2018 Business Wire, Inc., All rights reserved.

Business Wire, a Berkshire Hathaway company, is the global leader in multiplatform press release distribution.

Følg saker fra Business Wire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Business Wire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Business Wire

FAA Approves AerTrakTM to Comply with Automatic Dependent Surveillance-Broadcast (ADS-B) Operations Mandate19.3.2018 18:19Pressemelding

The Federal Aviation Administration (FAA) has issued a Supplemental Type Certificate (STC) for installation of AerSale®’s AerTrak™ system on Boeing 737 NG series aircraft (ST04009NY), to comply with the Automatic Dependent Surveillance-Broadcast (ADS-B) Operations rule, a critical part of the agency’s Next Generation Air Transportation System (NextGen). Beginning January 1, 2020, the FAA has mandated that aircraft operating in airspace defined by 14 CFR § 91.225 must be equipped with an ADS-B Out system that meets the minimum performance requirements of 14 CFR § 91.227. ADS-B provides enhanced navigational accuracy using precise tracking via global positioning satellite (GPS) signals. Reducing risk and improving safety, the technology increases navigational coverage, especially in remote areas beyond radar range. Additionally, ADS-B enables more direct flight plans, thereby saving time, costs, and reducing emissions. “AerTrak is a cost-effective ADS-B Out solution for operators of Boei

Ghostbusters World with Google Maps API Featured During Google Keynote at GDC 201819.3.2018 18:14Pressemelding

The recently announced Ghostbusters World, developed in collaboration between Sony Pictures Entertainment Consumer Products, Ghost Corps and publisher FourThirtyThree Inc. (4:33), was featured today on stage during the Google Keynote at the Game Developers Conference 2018. The new gameplay video will also be on display at the Google booth on the expo floor March 21-23. Created with Maps API technology, Ghostbusters World features state-of-the-art augmented reality in the map-based game where players can suit up to patrol their neighborhoods and bust their favorite Ghostbusters ghosts! Drop by the Google booth or click here (LINK) to check out the new gameplay video. Battle and capture hundreds of new and familiar ghosts in Ghostbusters World, launching everywhere on iOS and Android devices later this year. If you ain’t afraid of no ghosts and want to keep track of news and updates, follow us on Twitter (LINK), Facebook (LINK), and YouTube (LINK). More information and assets can be foun

Bajaj Electricals Showcases ‘Smart Indoors and Connected Outdoors’ at Light + Building 201819.3.2018 16:00Pressemelding

Bajaj Electricals Limited, India’s leading player in consumer durables, fans, lighting and engineering projects, participates in world’s leading trade fair Light + Building 2018 at Frankfurt, Germany from March 18th-23rd, 2018. Bajaj Electricals is featuring its smart solutions at Stall D10 in outdoor arena-Agora. This press release features multimedia. View the full release here: Mr. Anant Bajaj, Joint Managing Director, Bajaj Electricals Ltd. (Photo: Business Wire) Based on the key theme of ‘Smart Indoors and Connected Outdoors’, the stall demonstrates the connection between indoors and outdoors through cloud computing. With almost eight decades of experience and expertise in lighting solutions and luminaires, Bajaj Electricals has a host of products exhibited at the trade fair ranging from smart indoor lights for home, commercial and industrial spaces to smart outdoor lights, sensor-based light, smart poles and various integra

Louis Chevrolet Watch Company launches the Chrono-Tour Bitcoin Special Edition19.3.2018 15:00Pressemelding

Code name: Chrono-Tour Bitcoin Special Edition – Launch: 20/03/2018 – 14.00 GMT This press release features multimedia. View the full release here: (Photo: Louis Chevrolet Swiss Watches) Event! Louis Chevrolet Swiss Watches launches a Swiss Made automatic chronograph dedicated only to Bitcoin owners. An exclusive and limited-edition series to symbolise and affirm the unique sales channel chosen by the brand: its e-commerce store. Each Louis Chevrolet Chrono Tour Bitcoin Special Edition will be Unique Chrono-Tour Bitcoin Special Edition, a well-thought-out stylish design, elegantly bringing the Bitcoin to the forefront. In addition to a specific dial, a Bitcoin logo textured around a printed circuit board will be inserted into the back glass. This gives a technological holographic effect while highlighting the mechanics of the watch. The background will be personalised with a laser and will indicate the purchase price in Bitcoins

New Global Survey Points to Key Issues, Needs and Gaps in Fight to End Smoking19.3.2018 14:00Pressemelding

The Foundation for a Smoke-Free World released findings today from a global survey to better understand smokers, their experiences, and challenges they face when they try to quit smoking. The survey also highlights their awareness regarding the harm caused by smoking and how their perceptions of cigarettes, alternative products, and nicotine influence their motivation to move away from smoking. The data will shape the development of research to determine the best solutions to accelerate the end of smoking across diverse cultures and economic conditions. This press release features multimedia. View the full release here: Figure 1: Which of the following situations, if any, apply to you? (% - Top Three Answers per Country) (Graphic: Business Wire) The 2018 State of Smoking Survey included 17,421 current smokers, ex-smokers, and non-smokers from 13 countries: Brazil, France, Greece, India, Israel, Japan, Lebanon, Malawi, New Zealan

New Documentary Raises Global Water Crisis Awareness As 844 Million People Still Lack Access to Clean Drinking Water19.3.2018 13:12Pressemelding

Procter & Gamble’s (P&G) non-profit Children’s Safe Drinking Water (CSDW) Program and National Geographic are raising awareness about the global water crisis with the release of a new documentary and national survey in conjunction with World Water Day. The documentary, titled “The Power of Clean Water,” follows the lives of three women and their families, providing a first-hand perspective on the daily challenges of accessing clean drinking water. As the film progresses, viewers witness how P&G’s Purifier of Water packets, distributed by partners ChildFund in Indonesia, CARE International in Kenya and World Vision in Mexico, have helped transform these communities. This press release features multimedia. View the full release here: P&G conducted a survey* to understand Americans' level of awareness and concern with the global water crisis and its effects. (Graphic: Business Wire) Global awareness of the water crisis is growing,