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WeWork has acquired Fieldlens, a New York-based mobile communications system for the construction industry. No financial terms were disclosed. FieldLens had raised around $17 million in VC funding from groups like Moderne Ventures, OpenView Venture Partners, Lerer Ventures and Borealis Ventures.
- Why it's the BFD: WeWork regularly gets criticized for its high valuation, by those who suggest it's a bubble (commercial real estate) on top of another bubble (tech startups looking for co-working space). But it clearly is seeking at least some diversification beyond its bros and beer-taps roots: First with a property investment fund it continues to raise, and now by adding what is essentially a better office design function.
- The bottom line: "In the past, WeWork signed traditional lease agreements with landlords. Bu... as the company has grown, more landlords have agreed to pay for WeWork to design the spaces into which it's moving; in exchange, the two sides split profits down the middle. This is especially true in India and Israel, where WeWork has entered more recently." ― Connie Loizos, TechCrunch
• ShotSpotter Inc., a Newark, Calif.-based provider of gunshot location systems for the public safety and military markets, raised $31 million in its IPO. The company priced 2.8 million shares at $11 per share (middle of $10-$12 range), and will trade on the Nasdaq under ticker symbol SSTI. Roth Capital Partners served as lead underwriter. The company reports a $7 million net loss on $15.5 million in revenue for 2016. Shareholders include Lauder Partners (37.4% pre-IPO stake), Motorola Solutions (15.6%), Claremont Creek Ventures (11.3%) and Labrador Ventures (6.1%). http://reut.rs/2rEAwxq
• Tim Davey (co-founder and ex-CTO of Onefinestay) and Toby Moore (co-founder and former CTO of Space Ape Games) have joined London-based Entrepreneur First as venture partners. http://tcrn.ch/2r8Ytct
• Wind Point Partners has promoted Konrad Salaber and David Stott to managing directors and Joe Lawler to principal. The firm also said that CFO and chief compliance officer LeAnn Kilarski also will assume the title of COO. www.windpointpartners.com