Co-working giant WeWork is planning to redefine “the future of work” by launching a venture fund to target rising social-impact startups.
The New York-based company, which is valued at $29 billion and currently operates in 22 countries, has gathered more than $6 billion in equity and debt funding.
The recent move outlines WeWork's rapid progression and directives to tap into its significant funding and revenue for expansion purposes.
WeWork has been acquiring companies at a rapid pace, buying companies ranging from education tech, to group-organising platforms and even apps for construction workers.
In addition to this, WeWork purchased the iconic Lord & Taylor flagship department store building on Manhattan’s Fifth Avenue for the company's new headquarters.
More recently WeWork acquired a large stake in a wavepool company Wavegarden and a co-working space for women through a $32 million round of funding.
WeWork Creator Fund will now target technologies for human resources, recruitment, training and education, employee experience and real estate.
The size of WeWork’s fund hasn't been determined, but it is understood it will house existing investments made through its $27.5 million Creator Awards initiative.
Under the initiative, WeWork funded close to 50 companies through a “safe agreement for future equity” structure, entitling WeWork to equity in the event of a future financing.
The co-working space provider has been increasingly active in the Australian market, recently securing its fifth site in Sydney, taking out 3,600sq m of flexible work space at the HCF building on York Street.