February 26, 2018 / 8:00 PM / 7 months ago

WeWork expects higher membership, revenue by 2018 end

(Reuters) - Co-working space startup, WeWork, said on Monday it expects to grow at a faster pace, helping it forecast a higher revenue run rate and membership by the end of 2018.

People visit the booth of WeWork as they attend the TechCrunch Disrupt event in Manhattan, in New York City, NY, U.S. May 15, 2017. REUTERS/Eduardo Munoz

The startup, which is backed by Japan’s SoftBank Group Corp (9984.T), said it expects total membership to double to 400,000 people and a revenue run rate of $2.3 billion, the company said in a blog post.

A guest attends the opening ceremony of WeWork Hong Kong flagship location in Hong Kong, China February 23, 2017. REUTERS/Bobby Yip

WeWork said it had a revenue run rate of $1 billion in 2017 and was able to reach the mark by September.

The startup also said it planned to open 200 new office spaces and take its global footprint to 400 buildings spread across 83 cities and 27 countries. (we.co/2sYRR6I)

New York-based WeWork leases office space and rents it out to individuals and small companies.

Reporting by Laharee Chatterjee in Bengaluru; Editing by Arun Koyyur

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