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We're reimagining how to use urban space more efficiently

We're reimagining how to use urban space more efficiently

Spacious transforms available urban space into a network of shared drop-in workspaces. Members have unlimited access to a citywide network of spaces that provide very fast wifi, unlimited refreshments, and the ability to host guests and meetings,

Latest Stories and News

The cautionary tale of three startups acquired by WeWork

  • Fortune
  • 5 months ago

As WeWork looks to sort out its future, the flashy startups it acquired are also seeking a new path forward. WeWork-acquired Spacious, Conductor, and Managed by Q have faced the chopping block.

The cautionary tale of three startups acquired by WeWork

WeWork is shutting down a restaurant coworking startup it acquired only 4 months ago

  • Vox
  • 5 months ago

WeWork is closing its restaurant coworking startup Spacious, after acquiring the company only around four months prior. It’s the latest sign that the troubled company is cutting costs by offloading the plethora of business it rapidly acquired in the past few years.

Making matters more complicated, the US Securities and Exchange Commission (SEC), is investigating WeWork’s original acquisition of Spacious. The SEC launched a complaint after a whistleblower alleged that executives pushed the deal through without doing enough outside review of Spacious’s financials, a claim that WeWork has denied. According to the complaint, WeWork bought the company for $42.5 million.

Spacious, founded in 2016 by Chris Smothers and Preston Pesek, built its business renting out tables at vacant restaurant space in the day time to people looking for coworking space. For Spacious customers, those with recurring subscriptions and recently purchased day passes will get discounts on renting desks at WeWork in the future if they choose.

WeWork is shutting down a restaurant coworking startup it acquired only 4 months ago
CoFounder & CEO of Spacious. Worked at @Fortress Investment Group, @sl-green-realty-corp Studied @New York University, Commercial RE & Hospitality Backround.
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