We
“Can WeWork rebuild a sustainable, asset-light coworking business after bankruptcy under Yardi Systems' ownership?”
Founded2010
HQNew York City, NY, USA
FoundersAdam Neumann, Miguel McKelvey
Total raised$12.8B
Latest roundPost-bankruptcy reorganization / private equity, 2024
IndustryVertical SaaS / Real Estate
The story
Founded in 2010 as a coworking space provider, WeWork rapidly expanded to 600+ buildings across 125 cities, becoming one of the most highly valued private companies in the world at $47B. A failed 2019 IPO exposed deep governance and financial issues, forcing the exit of founder Adam Neumann. After going public via SPAC in 2021, the company struggled with unsustainable lease obligations and filed for Chapter 11 bankruptcy in November 2023. Post-reorganization, Yardi Systems acquired a controlling stake and WeWork significantly contracted its footprint, refocusing on a leaner coworking model.
Product timeline
2010
Founded by Adam Neumann and Miguel McKelvey as a coworking space provider in New York City.· pivot
2019
Filed S-1 for IPO, revealing governance concerns; IPO cancelled and Neumann resigned under investor pressure.· ipo
2021
Went public via SPAC merger on the NYSE.· ipo
2023
Filed for Chapter 11 Bankruptcy Protection on November 6, 2023.· pivot
2024
Emerged from bankruptcy; Cupar Grimmond (Yardi Systems affiliate) acquired 60% stake, SoftBank affiliates 20%, other investors 20%. Company shrank operations significantly.· acquisition
The stack
Crypto
Accounting gap: none