Cash-rich WeWork is making a strategic investment in The Wing, a high-end ladies-only coworking space, leading a $32 million round of funding.
Jen Berrent, WeWork COO, says she first learned about The Wing through her wife, Caroline, a self-employed lawyer who also takes care of their young son. “Unmoored” from an office setting, Berrent says, her wife missed having a place she could touch down in; a place in which to develop a professional community. The WeWork in Dumbo, she admits, wasn’t cutting it. But the fem-first Wing did.
The Wing’s kid-friendly offices provide amenities like showers, on-demand blow-outs, lactation rooms, beauty samples, access to a library of all female authors and, of course, snacks. Berrent sees the deal as falling within the bounds of the company’s mission to humanize the way people live and work (notably WeWork’s recent hire, SoulCycle founder Julie Rice has also invested in The Wing).
So why not buy The Wing outright? After all, WeWork has already purchased four companies this year, including coding bootcamp the Flatiron school. In her answer, Berrent points to another WeWork acquisition: Case. WeWork contracted with the buildings information technology company for three years before acquiring it. WeWork likes to takes its time getting to know the companies it works with, she says.