Founded in 2010 by Miguel McKelvey and Adam Neumann in New York City, WeWork grew from 1,000 members in its first year of operating to more that 120,000 customers and 156 offices today. Their core focus was revolutionizing the existing idea of space as a service, offering free coffee, easy to use video conference enabled meeting rooms, beer-and-wine happy hours, snack bars, and easy to use package delivery systems that we are all too familiar with today.
WeWork is currently valued at $20 billion, topping the market cap of major office REITs like Boston Properties ($18.25 billion) and Vornado Realty ($17.7 billion). Back in 2014, WeWork was in heavy growth mode looking for new investment. According to Forbes, the company looked to, “triple its membership from 14,000 to 46,000 and expand to 60 locations from 21,” locations at the time.
Here is there October 2014 pitch deck which lead the firm to a $355 million series-D raise from Goldman Sachs, JP Morgan Chase, T. Rowe Price, Wellington Management, Harvard Management Company, and Benchmark, leading to a $5 billion valuation.
The last few pages of the presentation describe their latest concept at the time, WeLive.