Wework rival Knotel secures unicorn status with $400m funding August 21, 2019 Knotel, the flexible workspace rival to Wework, today said it has achieved “unicorn” status after securing a fresh round of funding worth $400m (£329m). The New York-based startup bagged the bumper cash injection in a round led by Wafra, the investment arm of Kuwait’s sovereign wealth fund. Read more: Wework lost $700m in first half, [...]
Workspace hub Knotel thinks it’s solved Wework’s business model problems September 26, 2019 Wework’s ill-fated initial public offering (IPO) will have only a “limited” impact on the fortunes of flexible workspace rival Knotel, the firm’s boss has said. Tom Dugarin, Knotel’s UK general manager, played down concerns about Wework’s troubled listing, saying his company had a more sustainable business model. Read more: Wework rival Knotel expands London presence [...]
City watchdog to consult on changing listing rules for SPACs March 31, 2021 The City regulator has announced it will launch a consultation on changes to London’s listing rules to provide more investor protection in blank-cheque vehicles. The Financial Conduct Authority (FCA) today said it will consider introducing a minimum market capitalisation and redemption option for investors. “Our proposals will help to ensure that SPACs operate within a [...]
Former Warner Music boss Edgar Bronfman Jr. backs $300m SPAC March 30, 2021 A blank-cheque vehicle backed by former Warner Music boss Edgar Bronfman Jr has filed to raise $300m in a US listing. Waverley Capital Acquisition Corp 1 has said it will sell 30m units, consisting of shares and warrants, at $10 each. Bronfman is the latest high-profile figure to get in on the SPAC frenzy which [...]
Wework lost $700m in first half, pre-IPO filing shows August 14, 2019 Wework lost nearly $700m (£580m) in the first half of the financial year, even as revenue doubled, the company announced in its first detailed financial results yesterday. The company, the listing of which next month is expected to value the business in the tens of billions, said it has no plans to start paying dividends [...]
SPAC phenomenon helps global M&A break $1 trillion barrier in first quarter April 1, 2021 It has been a flying start for global M&A this year with blank-cheque vehicles becoming one of the principal drivers of deal-making. Special acquisition companies – SPACs – have become the go-to option for firms looking to go public. For targets the vehicles are potentially an easier route to market than a traditional IPO. The [...]
The future of the office: How one property firm is using virtual reality to create the new normal August 16, 2021 The future of the office has never been more richly discussed. For all the benefits of flexible working, most firms seem determined to bring people back in to reap the benefits of collaboration and creativity. But the co-founder of one property firm, Kitt, is determined to make sure that when we get back to the [...]
Curve launches NFT auction in bid to raise cash for London theatres March 26, 2021 Fintech Curve has joined the NFT bandwagon and launched an auction in a bid to raise cash for London’s theatres that have been left devastated by the pandemic. Non-fungible tokens are cryptocurrency takens which certify the ownership of a unique digital file using blockchain. They have become a way for creatives to raise cash during [...]
The office must now sing for its supper: making the workplace about the individual, not the collective March 8, 2021 One striking feature of the pandemic has been the volume of ink spilled debating the future of the office. The huge and rapid shift to working from home for large sectors of the economy made not only individual employees but companies as well look around themselves and say, “This seems to work: should we have [...]
Wework poaches Facebook executive as it gears up for stock market float July 9, 2019 Wework has poached senior Facebook executive Martin Ott as the firm looks to beef up its management team ahead of its highly-anticipated stock market debut. Ott, who previously served as Facebook’s managing director for central Europe, will join the flexible workspace firm as managing director for EMEA, City A.M. can reveal. Read more: EMA to [...]