WeWork acquires social networking service Meetup

WeWork Wonder Bread Factory Commons Washington, DC
Image: Wework

UPDATE: Nov. 28, 2017, 8:03 a.m. EST This piece has been updated to reflect WeWork’s official announcement that it acquired Meetup

WeWork’s global empire continues to expand.

The $20 billion coworking startup is reportedly set to acquire social networking service Meetup, according to Crunchbase.

Meetup CEO Scott Heiferman reportedly told employees about the acquisition on Monday, and mentioned a $30 million figure, but it’s not clear “if that was an acquisition price, or a reference to expected investment into his company from the acquiring entity,” according to Crunchbase

WeWork confirmed the acquisition on Tuesday morning. The company said Meetup would continue to operate as a standalone company for now. 

Launched in 2002, Meetup is a social networking service that allows users to organize meetings offline related to their shared interests and passions.

It’s a logical union, seeing as WeWork offers rentable space for like-minded people to work on projects.

WeWork has been expanding steadily since launching in 2010 in New York City. Within seven years, WeWork has achieved so-called decacorn status — a startup worth more than $10 billion. In August this year, WeWork raised a whopping $4.4 billion in a funding round from SoftBank. 

Between a $32 million investment in women’s coworking space The Wing and plans for a private WeWork elementary school in New York, the company certainly isn’t sitting on its hands.

WeWork currently has 150,000 members across 171 locations in 18 countries. Meetup, on the other hand, boasts 32.3 million members in 182 countries.

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