Aug 30, 2017

Mastercard is WeWork's newest enterprise customer

Courtesy of WeWork

WeWork, the co-working company that recently raised a total of $4.4 billion from SoftBank, has a new "enterprise" customer: Mastercard. The two companies will also run a five-month program for select startups that will provide them with mentorship, free office space in a San Francisco building, and access to payments technology that WeWork and Mastercard will be developing and testing.

Why it matters: Though WeWork made its name by renting out month-to-month office space to startups, the company has been really focused on attracting large companies as customers. One major benefit of these customers is stability—they tend to sign deals for large numbers of desks and for a minimum amount of time.

  • In May, enterprise customers (companies with 1,000 or more employees) accounted for 30% of WeWork's sales and about 20% of its occupied office inventory.
  • Between June 2016 and June 2017, the number of enterprise companies renting from WeWork grew by more than 90%, and the total number of workers from these companies grew by more than 360%, WeWork tells Axios.
  • Other enterprise customers of WeWork include IBM and Microsoft.

Go deeper

Situational awareness

Photo: Drew Angerer/Getty Images

Catch up on today's biggest news:

  1. Scoop: New White House personnel chief tells Cabinet liaisons to target Never Trumpers
  2. Trump misrepresents 2020 Russia briefing as Democratic "misinformation"
  3. Bernie Sanders takes aim at Bloomberg: "Trump will chew him up and spit him out"
  4. Nearly half of Republicans support pardoning Roger Stone
  5. Scoop: Lyft acquires cartop advertising startup Halo Cars

Sanders takes aim at Bloomberg: "Trump will chew him up and spit him out"

Photo: Mario Tama/Getty Images

Bernie Sanders told CBS "60 Minutes" that he was surprised by Mike Bloomberg's lackluster performance at Wednesday's Democratic debate.

What he's saying: "If that's what happened in a Democratic debate, you know, I think it's quite likely that Trump will chew him up and spit him out."

Scoop: Lyft acquires cartop advertising startup Halo Cars

Photo: Drew Angerer/Getty Images

Lyft has acquired Halo Cars, a small startup that lets ride-hailing drivers earn money via ad displays mounted atop their cars. Lyft confirmed the deal but declined to share any details.

Why it matters: Ride-hailing companies are increasingly eyeing additional ways to generate revenue, and Lyft rival Uber has been quietly testing a partnership with New York-based Cargo that gives it a cut of the advertising revenue, as I previously reported.