WeWork launches growth initiative for startups in Singapore

Shared office space provider WeWork launched its Growth Campus initiative in Singapore, which will offer startup support through the company’s network of businesses and entrepreneurs.

The new initiative includes “close to US$8 million investment in subsidized space, mentorship, and education,” the company said in a statement, though it did not disclose more information on the figure.

Interested startups must be based in Singapore, founded within the last five years, and is looking to scale internationally. If a startup is bootstrapped, its should also have a turnover of S$100,000 (US$73,600). Startups that have raised funds, meanwhile, should have raised up to the series A stage.

Accelerators, venture capital firms, startup-related membership groups, and non-profit organizations can also participate.

Photo credit: WeWork

WeWork has shared locations in Bangkok, Ho Chi Minh, Jakarta, Kuala Lumpur, Manila, and Singapore. Through the initiative, the company will subsidize up to 50% of membership fees at Growth Campus locations. The firm will also provide access to its virtual acceleration support platform, WeWork labs, where startups can get access to online mentoring and coaching, customized educational programs, and other exclusive member benefits.

“As economic recovery evolves across the region, we can expect more companies to emphasize workspace strategy to advance productivity, collaboration, and creativity,” said Monica Wulff, head of WeWork Labs for Australia, Southeast Asia, and South Korea.

WeWork recently partnered with Grab to reach new users through the super app. Grab for Business clients can sign up for a one-month trial with a WeWork location and can get up to 25% off the usual fee should they continue with the membership.

See also: Is JustCo Southeast Asia’s co-working unicorn?

Earlier this year, WeWork was reportedly eyeing another public offering after its 2019 attempt fell through.