Early greetings from 30,000 feet, as I'm heading down to D.C. for some meetings at Axios HQ. And big congrats to flight attendant Bette Nash, who is celebrating her 60th year with American Airlines (an NBC Nightly News crew is filming on the plane, and you can watch tonight). Okay, here we go...
Top of the Morning
WeWork has agreed to acquire MeetUp, a New York-based social network that helps organize offline meetings around common interests. No financial terms are being disclosed, but a source says that it's valued at around $200 million (including employee retention incentives). MeetUp had raised around $18 million in venture funding since 2002, from firms like DFJ, Omidyar Network, Allen & Co. and Union Square Ventures.
- Why it's the BFD: Because WeWork has been on a shopping spree in 2017, as it seeks to expand its value-add beyond beer taps and an almost impossible to believe enthusiasm. Other acquisitions this year have included Flatiron School (coding training), Fieldlens (mobile collaboration), Wavegarden (wave pools) and Unomy (sales & marketing). It also invested in The Wing (women's co-working club) and purchased the former Lord & Taylor store on 5th Ave. in Manhattan (which will serve as its new HQ).
- Bottom line: "WeWork's roughly 10 million square feet of leased office space, spread out over more than 170 locations in 16 countries, is used primarily during the day. By contrast, meetups happen primarily outside of working hours... Already, roughly 100,000 people have attended a Meetup gathering at a WeWork location, according to the companies." — Michael de la Merced, NYT
Venture Capital Deals
Private Equity Deals
• Bain Capital has agreed to sell Sundial Brands, a New Jersey-based hair and skincare products company with around $240 million in annual revenue, to Unilever. http://axios.link/SJyK
Temasek is considering a sale of its 20% stake in Hong Kong-based drug distributor Zuellig Pharma, which could garner around $1 billion, according to Bloomberg. http://axios.link/6PNN
• Bhaskar Ghosh has joined 8VC as a partner and chief technology officer. He previously was with Nerdwallet as VP of engineering, operations and security. www.8vc.com