CAPE TOWN - WeWork, the community for creators, providing more than 130,000 members around the world with space, community, and services through both physical and virtual offerings has announced a $500 million investment in a new entity focused on fueling its growth and expansion in Southeast Asia and Korea.
The investment underlines the potential for WeWork in Asia. this follows their other recent investment news from the region with 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.
We work will also be acquiring Singapore-based co-working company, Spacemob including its founder and CEO, Turochas "T" Fuad and his team.
Fuad will then become Managing Director of Southeast Asia for WeWork and will oversee that company's expansion in the region.
Spacemob was founded by Fuad in early 2016 and he grew the company to multiple locations in Singapore, with spaces in Indonesia and Vietnam that is scheduled to open soon.
Prior to founding Spacemob, Fuad founded and sold two startups: WUF Networks and Travelmob and he also held senior roles in Southeast Asia and Asia Pacific for Yahoo and Skype.
"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 of budding entrepreneurs, enterprises and creators, and that is a massive opportunity for WeWork," Fuad said.
Current Head of marketing and Revenue for Asia, Matt Shampine has been appointed General Manager of Korea for WeWork. He joined WeWork in 2010 as a member and his digital agency went on to be a founding member of WeWork Labs.
"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," said Shampine.
Co-founder and Chief Culture Officer of WeWork, Miguel McKelvey 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 contributing to build our vibrant and diverse community in the rapidly evolving region. 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."
Managing Director of WeWork Asia, Christian Lee 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."
- BUSINESS REPORT ONLINE
-BUSINESS REPORT ONLINE