- WeWork announced on Tuesday that it had bought Meetup, a website for organising group trips and events.
- Terms of the deal weren’t announced, but Axios said the price was about $US200 million.
- Meetup is only one of a slew of new investments and purchases the $US20 billion startup has made in recent months.
WeWork, the startup building a network of coworking offices and apartments, announced on Tuesday that it had bought Meetup, a service that makes it easy for groups to start regular meetings in real life.
The price for Meetup was about $US200 million, Axios reported, although terms of the deal were not announced. Meetup had raised $US18 million in venture funding from blue-chip firms including DFJ, Union Square Ventures, and Allen & Co.
Meetup runs a website that lets people create, organise, and join groups around specific interests, usually for the sake of hosting events and inviting people to them. According to WeWork, it has 35 million members in 300,000 groups that host 500,000 events a month.;
WeWork has raised over $US8 billion in funding to date, with $US4.4 billion booked since July from SoftBank and the SoftBank Vision Fund, giving the startup a $US20 billion valuation and the title of New York City’s most valuable startup.
So what’s WeWork to do with that money? Make a lot of acquisitions, apparently. Meetup as a purchase makes a lot of sense for WeWork – lots of Meetups already happen in WeWork locations. About 100,000 people have gone to a Meetup meeting at a WeWork this year, the company said.
But some of WeWork’s other acquisitions are less obviously applicable to its business. Take a look:
Earlier this month, it was revealed that in 2016, WeWork had purchased a large stake in Wavegarden, a maker of wave pools.
WeWork bought FieldLens, a mobile communications app for construction workers, in June for an undisclosed price.
In August, WeWork announced that it had acquired Israeli startup Unomy, a popular sales platform. It was shut down on September 20.
In October, WeWork bought Flatiron School, a coding bootcamp, for an undisclosed price.
WeWork also recently invested $US32 million in The Wing, a women’s coworking club and space.
What’s a spending spree without a new headquarters? WeWork bought the former Lord & Taylor store on 5th Avenue in New York City to be its headquarters in a $US850 million deal.
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