WeWork, the New York-based flexible space provider, on Thursday launched a new €17M initiative to boost the European startup ecosystem.
Dubbed as Growth Campus Europe, the initiative is targeted to boost economic recovery across nine European countries – Germany, France, Spain, Belgium, the Netherlands, Poland, Sweden, Norway, and the Czech Republic.
Supporting entrepreneurial ecosystem in Europe
According to WeWork, Growth Campus Europe will provide €17M of subsidised workspaces, giving teams the ability to collaborate in-person while providing flexibility for employees as they embrace hybrid working.
The initiative is open to startups and scaleups, accelerators and incubators, social impact and non-profit organisations, and will provide access to educational programming and tailored coaching opportunities.
Eligible members will get up to 50 per cent subsidy in fees across designated WeWork locations in Berlin, Cologne, Frankfurt, Hamburg, Munich, Paris, Barcelona, Madrid, Brussels, Amsterdam, Warsaw, Stockholm, Oslo, and Prague.
Members will also have access to WeWork Labs and will be integrated into WeWork’s global network of members, providing them with growth support, access to industry experts and mentorship opportunities, customised training, and other exclusive benefits to help them grow. Startups interested in this programme can apply here.
Samit Chopra, International COO, WeWork, says, “WeWork was built on the very principle of working together and helping small businesses grow, and our experts will give these businesses access to the network, skills, and tools to help them thrive. With the innovation ecosystem being a key contributor to economies across Europe, Growth Campus will boost the sector and help play a role in post-Covid economic recovery.”
Earlier this year, the company launched the Growth Campus initiative in the UK which attracted over 800 signups in the first six months, including Antler UK and Crowdcube, followed by the Asia-Pacific initiative in August 2021.
WeWork’s previous developments
In June, WeWork partnered with boutique innovation consultancy firm BW Ventures to launch the first accelerator programme for the music tech industry in Europe, based in Amsterdam.
Music Tech Accelerator provides eight new businesses with growth expertise and a private workspace, and helps them develop a commercially and technically feasible product.
The company is also partnering with TEDxAmsterdam on its brand-new Impact Program.
In April, New York company partnered with BitPay and Coinbase to accept crypto payments. The company said that it will pay landlords and third-party partners in cryptocurrencies where applicable through Coinbase.
In March, the company announced that it will go public by merging with a blank-cheque company BowX Acquisition in a deal that valued the co-working company at an initial enterprise value of $9B.
However, the company may miss its expected date for a public listing, according to Bloomberg. The delay could push the listing to late October, and the timing for the listing depended on the SEC.
A different person familiar with the situation said that WeWork could still make the end of September target.
WeWork chairman Marcelo Claure said on Wednesday in an interview with Bloomberg Television that WeWork’s New York Stock Exchange listing is “relatively close.”