WeWork, a service that rents office space to startups, is opening the doors of its second property in London, and expects the British capital to be its largest or second largest market in the future, according to the London Evening Standard. After the success of the company’s first London property in Sea Containers House in the South Bank in 2014, it is now opening a place on Sheraton Street in SoHo. Co-founder Adam Neumann notes WeWork has 25 buildings worldwide, and the new London location is 100% full. Neumann expressed his desire to open 4 more locations in London which he expects to be a major market. One of the proposed London locations will be its largest building.
WeWork was recently valued at $5 billion, and the company has received funding from Goldman Sachs, T. Rowe Price and JPMorgan. When asked if he felt the valuation was a bit high, Neumann told the Evening Standard, “In the U.S., those are considered the best investors in the world. They are very savvy. We pride ourselves in the fact that this business has been profitable since the fourth month of operation, and we are growing very fast.”