WeWork Sells Stake In Co-Working Startup The Wing

WeWork sold its minority stake in co-working startup The Wing, the company announced Wednesday.

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Google Ventures and actress Mindy Kaling have joined The Wing as new investors, according to Axios. The Wing’s co-working spaces cater specifically to women.

The Wing has raised $117.5 million in total funding, according to Crunchbase. It’s backed by investors including Sequoia Capital and New Enterprise Associates.

WeWork was the lead investor for The Wing’s $32 million Series B in November 2017. A sale price for its stake in The Wing was not disclosed.

WeWork selling its stake in The Wing follows the company’s sale of SEO startup Conductor back to its executives in December and room reservation software company Teem to iOffice earlier this month.

“Last quarter, we articulated a long-term plan for disciplined growth and a clear path to profitability, and we continue to execute on this plan each day,” WeWork co-CEO Artie Minson said in a statement. “These sales mark the latest progress in WeWork’s evolution and allow our talented team to focus on the core business and delivering an exceptional experience for our members.”

In November, WeWork said it would be divesting “non-core businesses” as part of its turnaround strategy following its failed IPO in the fall. Teem, The Wing, Managed by Q, SpaceIQ, Meetup and Wavegarden were listed as the acquisitions that would be sold off.

WeWork said in a statement on Wednesday that sales of the other “non-core ventures” were in process.

Also as part of its turnaround strategy, the company has wound down restaurant co-working startup Spacious and will close down its education venture, WeGrow, at the end of the school year.

WeWork acquired Teem for about $100 million in September 2018. It bought Managed by Q in April 2019, Space IQ in July 2019, Meetup in November 2017, and invested in Wavegarden in January 2016.

Illustration Credit: Li-Anne Dias

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