WeWork Labs launched almost two years ago as a cheap office space for entrepreneurs in New York City. At the time, it housed 47 entrepreneurs.
Now the company has two headquarters, one in San Francisco and one in Manhattan, and it’s home to nearly 400 entrepreneurs and 200 startups, including Consmr, Turf, Fitocracy, Reddit and New York Tech Meetup.
Each entrepreneur pays about $400 per month for a desk and benefits like meeting space, workshops, snacks, kegs and companionship. If you do the maths, that means WeWork Labs is pulling in about $1-2 million per year (300-400 members paying $400 per month), although its founders say they’re more focused on helping founders they house than on their own financial gain.
Despite the Series A crunch and what feels like the beginning of a startup recession, WeWorks Labs co-founder Matt Shampine says the incubators have never felt busier.
Because of the bustle and demand, his team is opening up two more WeWork Labs locations: one in New York City’s Financial District (222 Broadway, 20th floor), and one in Los Angeles (7083 Hollywood Blvd, Los Angeles). The Los Angeles office will open on February 18; the FiDi location will open in May.
“We really do believe that New York is the best place for tech startups, and we can’t wait to open up the new space in the Financial District,” Shampine tells Business Insider. “That being said, we’re equally as excited to join the LA tech community and provide a great home for early-stage startups.”
To apply for a spot in one of the new locations, click here.