Knotel has raised a $400 million funding round at a valuation of more than $1 billion. Investors included Kuwait-backed Wafra, Japan’s Mori Trust, Itochu Corp. and Mercuria Investment, according to Bloomberg who first reported the news. The co-working company has now raised a whopping $560 million.
- How they did it: Copy Adam Neumann! With WeWork’s absurd valuation, competitors simply follow Neumann’s strategy. The common flaw is the exposure to a downturn in the office market. Simply squeezing twice as many people in office space is apparently the next technological revolution.
- Notable earlier Real Estate investors include: Newmark, Moinian Group, Wolfson Group, Sapir Organization, and Wainbridge Capital.