Workspace provider WeWork is entering an exclusive partnership with coworking startup Upflex.
The flexible space firm said on Tuesday that the deal will result in a combined network of more than 5,500 locations, with WeWork selling Upflex space to its members.
WeWork announced it would also participate in Upflex’s Series A funding, alongside other investors.
It comes as many home workers are taking on hybrid patterns of working, as Covid measures have eased.
WeWork and its members will be able to access Upflex’s estate of more than 4,800 third-party services. These spaces are provided by more than 700 operators across 80 countries.
WeWork will roll out its Access membership options so that members can access select non-WeWork locations within the Upflex network.
Customers and employees at Upflex will be able to book WeWork workspace locations through the Upflex platform. All coworking brands on the Upflex network will be able to leverage WeWork’s community of more than 28,000 global member companies.
Sandeep Mathrani, CEO of WeWork, said, “As we look to the future of work, this partnership will not only drive more value in our own product offerings for WeWork members, but also promote a more innovative and collaborative flex ecosystem that is continually thinking of new ways to better serve the workforce.”
Christophe Garnier, CEO of Upflex, said the partnership was a “significant step forward” for its supply partners, who will “see huge demand growth.”
Upflex customers will also be able to “embrace the largest and highest quality flex network in the world,” Garnier added.
He added: “WeWork and Upflex share the same goal: create a better workplace for everyone, and we are excited to take the industry to a new level by matching the largest players in supply and demand together.”
Shares in WeWork have dropped -32.56 per cent over the past year.