Staff members of Meetup are at work in the company's New York office. Photo: Mark Lennihan / AP

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 it's valued at around $200 million (including employee retention incentives). WeWork disputes that price-tag, but declined to provide an alternate figure.

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 a 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) 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

Go deeper

Updated 5 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. EST: 32,135,220 — Total deaths: 981,660 — Total recoveries: 22,149,441Map.
  2. U.S.: Total confirmed cases as of 10 p.m EST: 6,975,980 — Total deaths: 202,738 — Total recoveries: 2,710,183 — Total tests: 98,481,026Map.
  3. Politics: House Democrats prepare new $2.4 trillion coronavirus relief package.
  4. Health: Cases are surging again in 22 states — New York will conduct its own review of coronavirus vaccine.
  5. Business: America is closing out its strongest quarter of economic growth.
  6. Technology: 2020 tech solutions may be sapping our resolve to beat the pandemic.
  7. Sports: Pac-12 will play this fall despite ongoing pandemic — Here's what college basketball will look like this season.
  8. Science: Global coronavirus vaccine initiative launches without U.S. or China — During COVID-19 shutdown, a common sparrow changed its song.
8 hours ago - Sports

Pac-12 will play football this fall, reversing course

A view of Levi's Stadium during the 2019 Pac-12 Championship football game. Photo: Alika Jenner/Getty Images

The Pac-12, which includes universities in Arizona, California, Colorado, Oregon, Utah and Washington state, will play football starting Nov. 6, reversing its earlier decision to postpone the season because of the coronavirus pandemic.

Why it matters: The conference's about-face follows a similar move by the Big Ten last week and comes as President Trump has publicly pressured sports to resume despite the ongoing pandemic. The Pac-12 will play a seven-game conference football season, according to ESPN.

Dave Lawler, author of World
9 hours ago - World

Global coronavirus vaccine initiative launches without U.S. or China

Data: Gavi, The Vaccine Alliance; Map: Naema Ahmed/Axios

A global initiative to ensure equitable distribution of coronavirus vaccines now includes most of the world — but not the U.S., China or Russia.

Why it matters: Assuming one or more vaccines ultimately gain approval, there will be a period of months or even years in which supply lags far behind global demand. The COVAX initiative is an attempt to ensure doses go where they're most needed, rather than simply to countries that can produce or buy them at scale.

Get Axios AM in your inbox

Catch up on coronavirus stories and special reports, curated by Mike Allen everyday

Please enter a valid email.

Subscription failed
Thank you for subscribing!