Wafra Leads Investment Round in WeWork Competitor Knotel
Posted on 08/22/2019
The Kuwait Public Institution for Social Security (PIFSS), through Wafra, led a US$ 400 million investment round into a WeWork competitor called Knotel. Other investors in the round include, Tokyo-based Mori Trust, Itochu, Mercuria, Norwest Venture Partners, Newmark Knight Frank, Bloomberg Beta, and Rocket Internet. New York-based Knotel has a similar business model to WeWork (now The We Company). WeWork recently filed to go public. WeWork also had trouble breaking into Asia with its joint venture, yielding far less revenue than its U.S. memberships.
Singapore’s GIC Private Limited invested in a previous round in Knotel.
