- WeWork is considering selling its 23% stake in the women’s coworking space The Wing, Bloomberg reported on Tuesday.
- WeWork’s percentage of The Wing was worth over $US58.8 million in June, according to WeWork’s IPO filing.
- WeWork is reportedly looking to cut costs during the turmoil surrounding its shelved IPO and the resignation of cofounder Adam Neumann from his CEO position.
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WeWork reported in its IPO filing in August that it owns 23% of The Wing, worth over $US58.8 million as of June.
The Wing’s valuation was around $US400 million in December 2018 when it raised $US75 million in its series C funding round led by Sequoia, a source familiar with The Wing told Bloomberg.
WeWork and The Wing both declined Business Insider’s request for comment on the report.
WeWork is looking to cut costs
Selling its stake in The Wing could bring WeWork millions of dollars.
The Wall Street Journal reported on September 24 that WeWork’s new co-CEOs, Artie Minson and Sebastian Gunningham, wrote in an email to employees that they planned to “closely review all aspects” of the company and that staff should expect “difficult decisions ahead.”
WeWork and The Wing
WeWork led a $US32 million series B funding round for The Wing in November 2017; at the time, it was WeWork’s largest investment to date.
The Wing cofounder Audrey Gelman also called this funding round one of the largest series B fundraising efforts by female founders ever at that time.
The Wing was connected to WeWork through its advisor, SoulCycle founder Julie Rice. Rice became WeWork’s chief brand officer in November 2017, according to Fast Company; she left WeWork in August, The Real Deal reported.
Jennifer Berrent, a Wing board member, is also WeWork’s co-president and chief legal officer.
A coworking space for women
On its website, The Wing calls itself a company keen on “advancing women by gathering them together” through “a network of work and community spaces designed with you in mind.”
The Wing currently has eight locations across the US, and it has plans to open five new locations in 2019 and 2020. The Wing is opening its first international location this fall in London.
Membership at The Wing starts at $US185 per month. Amenities at The Wing’s first location in the Flatiron District of New York City include a roof deck, cafe, and beauty room.
Becky Peterson contributed to this report.
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