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27.01.2020

WeWork signs a deal with Gympass

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The company has agreed a three year-deal with Gympass which is tripling its presence in the city

Stocks impacted: The We Company (WE), SoftBank Group Corp (SFTBY)

WeWork has signed a three-year agreement to provide Gympass with office space for 250 employees in New York. In this step, the U.S. office-sharing start-up’s majority owner, SoftBank Group Corp, using its connections to buoy its business. As a reminder, SoftBank is also a minority investor in Gympass. Gympass is now headquartered in New York with office space in Manhattan’s SoHo area. Now, the company will triple its presence in the city. Last year, WeWork reported a third quarter loss of $1.3 billion from a revenue of $934 million. The company hopes to hit 1 million subscribers by early 2021. The reported public valuation of the WeWork is currently around $10 billion.

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