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WeWork inks office space deal with SoftBank-backed Gympass: sources – Source Reuters Tech News

NEW YORK (Reuters) – WeWork has signed a deal to provide space to 250 employees of gym membership app company Compass in New York, the latest example of the U.S. office-sharing start-up’s majority owner, SoftBank Group Corp, using its connections to buoy its business, people familiar with the matter said on Sunday.

A sign is seen above the entrance to the WeWork corporate headquarters in Manhattan, New York, U.S., November 21, 2019. REUTERS/Mike Segar

SoftBank is also a minority investor in Gympass. While it does not have absolute control over it, it encourages its portfolio companies to collaborate, one of the sources said.

Around 25,000 employees at SoftBank-backed companies, including U.S. ride-hailing start-up Uber Technologies, Brazilian online housing broker QuintoAndar, and online real estate marketplace Compass, are in WeWork offices.

SoftBank is hoping this network of portfolio companies will help its attempted turnaround of WeWork, which it rescued from bankruptcy last…

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Source Reuters Tech News

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