Morning Report: Looks like a solid exit for Meetup and the New York startup scene.
Yesterday evening Crunchbase News broke the news that WeWork, the coworking unicorn, will acquire Meetup, a venerable social network. The deal was formally announced this morning, sans a price.
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Happily, Axios reported a figure concerning the deal that makes sense. Here’s Dan Primack:
No financial terms are being disclosed, but a source says it’s valued at around $200 million (including employee retention incentives).
It’s a reasonable price. For a very long time, Meetup survived under its own steam—implying healthy financials. As such, WeWork wasn’t buying fluff; instead, it was acquiring a real, operating company. Those can cost more.
The Meetup deal is, according to Crunchbase, the seventh WeWork purchase to date. Of those, five (including Meetup) have taken place since June of this year. WeWork is putting its new money to work, it seems. The firm’s $10 billion in raised external capital implies that it has acquisition runway yet ahead of it.
Overall, Meetup is exiting for over ten times its raised capital, assuming the Axios number is fully met (incentives require performance).
Not a bad result.
From the Crunchbase Daily:
WeWork to acquire Meetup
- Co-working giant WeWork is acquiring Meetup, the site for finding local meetings and events, Crunchbase News reports. Terms weren’t disclosed. New York-based Meetup, founded in 2002, has some 35 million members and is used to organize roughly 15,000 events per day.
- A SoftBank-led investor group is making an offer to buy Uber shares at a 30 percent discount to the ride hailing company’s last private valuation of nearly $70 billion, TechCrunch reports. The purchase would include nearly $9 billion of shares from existing shareholders.
Doctolib raises $42M
- Doctolib, an online booking platform for doctor appointments, has raised $42 million in a Series C funding round backed by Eurazeo and Bpifrance. The new financing brings total funding for Paris-based Doctolib to nearly $100 million.
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