WeWork acquires coworking competitor Spacious
The global coworking giant has acquired three-year-old Spacious, a startup which offers flexible workspaces in restaurants and vacant retail spaces.
Since its inception in 2016 by CEO Preston Pesek, an entrepreneur with nearly 20 years’ experience in real estate and hospitality, the New York-based startup has raised $9.1m in funding and is part of venture capital fund MetaProp’s portfolio.
In an announcement on the Spacious site, Pesek said: “In WeWork, we have found much natural alignment across our visions for the integration of work, technology, and physical space.
“Spacious’ service delivers a distributed network of walk-in, on-demand workspaces, wrapped in an experience of stylish hospitality. By joining WeWork, we’re taking the next step in providing easy access to on-demand workspaces across the world.”
The Spacious team will be moving over to WeWork with the acquisition. Chris Hill, WeWork’s chief product officer said: “Spacious’ team and real estate and operational expertise will help enable WeWork to continue to give our members access to the workspace they want, when they need it.”
Spacious currently costs members $199 per month, or $1548 if paid annually, which gives them access to all of its locations in New York, each with an on-site host, complimentary tea and coffee, high-speed wifi and power outlets, and spaces to host guests and small meetings.