Kuwaiti firm invests $400 million in WeWork competitor Knotel

A three-year-old competitor of WeWork has achieved unicorn status with the help of the investment arm of Kuwait’s sovereign wealth fund. Knotel, a New York-based flexible work provider, raised $400 million in its latest fundraising round led by Kuwaiti fund manager Wafra, The National reported.  The American workspace business manages more than 370,000 sqm of space in over 200 locations across the world, in major cities such as New York, London, Paris, and Berlin. The money raised will be used to increase its presence in existing markets, as well as continue expansion into the world’s 30 largest cities, it said. This latest round of funding brings the value of the company to over $1 billion. So far the firm has raised $560 million in total. Other investors participating in this latest round alongside Wafra include three Japanese firms. Real estate company Mori Trust, trading conglomerate Itochu, and equity investor Mercuria all helped bring the start-up to unicorn status. ©2019 funds global mena

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