Turbotodd

Ruminations on tech, the digital media, and some golf thrown in for good measure.

WeWork to Acquire Meetup

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Crunchbase is reporting that WeWork continues with its acquisition spree in a planned acquisition of community meeting platform, Meetup.

Meetup declined to comment. WeWork declined to comment. Meetup hasn’t taken part in a funding event since 2014, and it has, over the years, only taken about $19 million in investments according to Crunchbase. Draper Fisher Jurvetson (DFJ) led two of its rounds, participating in the rest, also according to Crunchbase. CEO Heiferman also said the acquisition would allow the firm to double in size. In the same meeting, he mentioned a $30 million figure. It was not clear if that was an acquisition price, or a reference to expected investment into his company from the acquiring entity. The startup, which has 35 million Meetup members and over 300,000 “IRL” community meetups to date, is still hiring for several jobs, according to its website. However, the acquisition also comes on the heels of several Meetup employees being asked to voluntarily resign, which was confirmed to Crunchbase News by an internal source on condition of anonymity.
– via Crunchbase News

And this from The Wall Street Journal:

With the deal, WeWork hopes to increase its usage rate during non-working hours. Most traditional clients use spaces on weekdays while Meetup-organized events mostly happen on nights and weekends. Meetup helps organizations and clubs host events and grow membership. More than 100,000 people have attended meetups at WeWork locations so far this year, the companies said Tuesday.
– via WSJ

The Journal article goes on to point out that Meetup has indicated more than 15,000 events are held each day thorugh its platform.

Written by turbotodd

November 28, 2017 at 9:44 am

Posted in 2017, meetings, meetup

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