WeWork Bets on Communal Living with WeLive Venture
WeWork, the $10 billion dollar start-up company that seems to be getting hotter by the minute, is spawning other projects and from the looks of it will attract further investment dollars well into 2016.
The simple premise of WeWork is one that many young startups already employ. For those who are starting their own companies but can’t withstand the distractions at home, WeWork is the ticket to success. The communal working space offers the same camaraderie as a company with like-minded people who are seeking a relatively quiet spot to work. WeWork also provides private conference rooms, communal lounges, quick internet, printing, mail and package handling as well as free coffee. It’s a win for freelancers and entrepreneurs, who use WeWork to rent startup office space that will appeal to millennials. Now they’re aiming to spread into the residential sector, but with a communal twist.
WeWork will be adding onto its monumental success by adding a residential section under their umbrella with new venture WeLive. With WeLive, WeWork is betting on the appeal of integrated working-living scenarios. Offering WeWork employees micro-apartments at $1600 a month, WeLive will aim to obliterate the concept of work-life balance and replace it with work-life integration. The company is betting on this model appealing to millennials and recent college grads. Boasting large communal lounges for collaborating on projects or meeting your neighbors, plus craft beer and micro brewed coffee on tap, WeLive is a concept ripe for criticism. It’s also a huge opportunity for profit if WeWork’s recent success is any indicator. The company recently raised almost $434 million in funding. It will be interesting to see how WeWork’s work-life integration pans out as the company plans to unroll test locations in the coming months.
Photo via WeWorks