Regional News

Convene WeWork’s rival successfully ‘raises’ 152 million USD

By Silvia Castro Betancourt 0 Comments NEWS, Regional News
This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

Convene, the US company, specializing in flexible workspaces and meetings, has attracted investors such as Revolution Growth, Brookfield Property Partners LP, and Durst Organization.

Convene face plants WeWork, with a current injection of an additional 152 million USD to help it grow. The US company, founded in New York, has closed a round of financing with the participation of investors such as Revolution Growth, Brookfield Property Partners LP and Durst Organization. The operation values the company at 500 million euros.

According to Bloomberg, some of the participants in this round, such as Arrowmark Partners, who led the operation, were already shareholders of the start-up, as well as Blackrock. On the other hand, the round was the entry into the capital of Revolution, RXR Realty, David Rubenstein's Declaration Capital and QuadReal Property Group.

Founded in 2009 by Chris Kelly and Ryan Simonetti, the company aims to lead the operation both in the United States and abroad, with an eye on London. Currently, the company operates in New York, Boston, Philadelphia, Los Angeles and Washington DC, with a total area of 54,069 square meters.

The plans of Convene, whose offer consists of meeting spaces for hours and days or coworking spaces for a minimum of twelve months (with an average commitment of two years), go through to reach an area under management of 65,032 square meters at the end of this year, and exceed 150,000 meters by the end of 2019.

The company obtains more than half of its turnover from companies with more than 1,000 million dollars in turnover or more than a thousand workers, with clients such as Barclays, Comcast or EY.

This article was written and published in Spanish and has been translated into English via Google Translate. Click here to read the original article.

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