WeWork Cos., the world's largest provider of shared work spaces, will invest $500 million in Southeast Asia and South Korea as the New York-based company steps up its expansion in global markets.
As part of the effort, WeWork will acquire Spacemob, a Singapore-based co-working startup founded in early 2016 by entrepreneur Turochas "T" Fuad and backed by Vertex Ventures and Alpha JWC Ventures. WeWork declined to disclose the value of the deal.
WeWork, which will absorb Spacemob's team of about 20 people, appointed founder Fuad as its managing director of Southeast Asia. WeWork also named Matt Shampine, currently head of marketing and revenue for Asia, as general manager for South Korea.