WeWork has today announced a $500 million investment in a new entity focused on fueling its growth and expansion in Southeast Asia and Korea. This investment underlines the potential for WeWork in Asia.
The investment follows on the heels of WeWork’s other recent investment news from the region – 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.
Along with this, WeWork has also announced that it will acquire Singapore-based coworking company Spacemob, including its founder and CEO, Turochas “T” Fuad, and his team. Fuad will become Managing Director of Southeast Asia for WeWork and will oversee the company’s expansion in the region.
Matt Shampine, currently Head of Marketing and Revenue for Asia, has been appointed General Manager of Korea for WeWork. Shampine originally joined WeWork in 2010 as a member and his digital agency went on to be a founding member of WeWork Labs.
Both Fuad and Shampine will report to Christian Lee, Managing Director of WeWork Asia. Miguel McKelvey, Co-Founder and Chief Culture Officer of WeWork, 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 continuing to build our vibrant and diverse community in the rapidly evolving region.
Christian Lee, Managing Director of WeWork Asia, 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. With Spacemob, T and his team will accelerate our efforts to establish WeWork in key Southeast Asia markets. The Spacemob business that T has built is a testament to him and his team’s capabilities.
WeWork has also recently expanded to India with its first co-working space in Bengaluru. It currently has more than 163 locations in 52 cities and 15 countries around the world. WeWork was started in New York City in 2010 by Adam Neumann and Miguel McKelvey.