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WeWork Acquires SG’s SpaceMob in $500M Southeast Asia Push

WeWork, the New York-based flexible office giant, has announced a $500 million investment in a new vehicle to fund its expansion in Southeast Asia and South Korea

Daniel Lorenzzo

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WeWork, the New York-based flexible office giant, has announced a $500 million investment in a new vehicle to fund its expansion in Southeast Asia and South Korea, in another milestone for the region’s co-working sector.

In tandem with the investment, WeWork is also acquiring Singapore-based co-working provider Spacemob for an undisclosed amount, and appointing its founder and CEO, Turochas “T” Fuad, as WeWork’s managing director of Southeast Asia.

The US startup has also named Matt Shampine, currently WeWork’s head of marketing and revenue for Asia, as general manager of Korea.

“Today’s announcement reaffirms WeWork’s commitment to scaling our business across Asia,” Miguel McKelvey, Co-Founder and Chief Culture Officer of WeWork said in a statement.

The entrepreneur, who started Wework in 2010 with partner Adam Neumann added, “I speak for the entire WeWork team and our 130,000 members when I say I am incredibly excited to have T and the team from Spacemob join us in our mission to create a world where people work to make a life, not just a living.”

WeWork Finds Partners for Asia Drive

The move comes less than two weeks after WeWork unveiled a $500 million fundraising round to fuel its expansion in mainland China.

That earlier round of Asia-targetted financing came shortly after the $20 billion startup said it was teaming up with Japan’s SoftBank to bring its co-working model to Tokyo.

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Asean

Electric vehicles (EV) industry gaining momentum in ASEAN

The development of electric vehicles (EV) is gaining momentum in Southeast Asian nations, as such vehicles require fewer parts and barriers to market entry are lower compared to engine-powered vehicles, according to The Yomiuri Shimbun.

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The development of electric vehicles (EV) is gaining momentum in Southeast Asian nations, as such vehicles require fewer parts and barriers to market entry are lower compared to engine-powered vehicles, according to The Yomiuri Shimbun.

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China

More manufacturers to relocate from China to Southeast Asia

JLL anticipates the trend to accelerate as the China-US tariff war are driving more companies in China to relocate their operations to other countries to avoid US tariffs and maintain their competitiveness.

Daniel Lorenzzo

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Bangkok, 11 July 2019 – More manufacturers have relocated from China to Southeast Asia over the past few years largely because The Red Dragon’s labor costs have become less and less competitive. This trend has been reinforced by the China-US trade war that began in 2018.

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Business

New Business licenses up 15.85% in first 6 months

Despite the Chinese-US trade war, the investment outlook in the second half of the year is expected to increase by 20 percent or 200 billion baht. It is expected that the investment value will total 430 billion baht this year.

National News Bureau of Thailand

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BANGKOK, 3 July 2019(NNT) – Investor confidence and clear policies on industrial development, especially in the Eastern Economic Corridor (EEC) area have increased the value of investment by entrepreneurs requesting new business licenses, and expanding their factories’ capacity by 15.85 percent.

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