Corporate space company WeWork has followed up its $500 million expansion plan in China with another $500 million investment targeting Southeast Asia and Korea, starting with the acquisition of Singapore-based coworking company Spacemob.
Spacemob founder and CEO Turochas “T” Fuad will become WeWork’s managing director of Southeast Asia and will oversee the company’s expansion in the region. Fuad founded Spacemob in early 2016 and quickly grew the company to multiple locations in Singapore, with spaces in Indonesia and Vietnam scheduled to open soon.
Matt Shampine, WeWork’s currently head of Marketing and Revenue for Asia, has been appointed General Manager of Korea for WeWork.
Both Fuad and Shampine will report to Christian Lee, managing director of WeWork Asia.
Miguel McKelvey, co-founder and chief culture officer of WeWork, said the announcement “reaffirms WeWork’s commitment to scaling our business across Asia.”
Last month, WeWork announced plans to invest $500 million to boost its China business with help from SoftBank and Hony Capital. WeWork also recently announced a joint venture with SoftBank to bring WeWork’s business to Japan.