WeWork valued at $5 billion following massive funding round

WeWork , an office developer, believes it can be as transformational to its industry as upstarts like Airbnb  and Uber are in travel and transportation. The four-year-old company, which divvies up rented office space and sublets mostly to startups, said on Monday it closed a $355 million funding round. The deal values the company at about $5 billion, said people close to the matter. The valuation puts the small New York-based company in the same league as social bookmarking site operator Pinterest Inc. and media and Internet company IAC/InterActiveCorp.

WeWork, an office-rental company with roots in the tech industry, has reportedly raised an impressive $355 million funding round. This is only the company’s second funding round. The previous funding, an angel round in January 2012, raised $6.85 million. WeWork was started in 2010. Even more impressive, the latest round values the company at almost $5 billion, according to sources cited by the Wall Street Journal, which first reported the funding. The WSJ also says that WeWork plans an initial public offering within the next two to three years. WeWork is based in New York, where it now leases 1.6 million square feet, according to the WSJ — making it the fastest-expanding company in the city by real estate size. It also operates in numerous other cities and hopes to manage 3.5 million square feet worldwide by the end of 2015. WeWork charges above-market rates for desks and office space, including additional amenities beyond bare space, including Internet, coffee, printers, and a sense of “community” with other entrepreneurs and professionals also renting the same spaces.