WeWork Sells Two Schools in One Month

Mergers and Acquisitions

WeWork Sells Two Schools in One Month

By Tony Wan     Jul 1, 2020

WeWork Sells Two Schools in One Month

Since its aborted attempt to go public, WeWork, the co-working real-estate startup once valued at $47 billion, has divested a number of assets as business has plummeted and lawsuits run amok.

This week, WeWork announced it is selling coding bootcamp Flatiron School to Carrick Capital Partners, a technology investment firm. Financial details of the transaction were not disclosed. WeWork paid about $28 million for Flatiron in 2017.

Founded in 2012, Flatiron offers courses in data science, software engineering, design and other technology skills. It had raised $14 million in venture capital before it was acquired by WeWork. Flatiron co-founder Adam Enbar will remain CEO of the company, which will operate as an independent business under Carrick.

This was not the only school for sale. Forbes reported that the company also sold the assets of WeGrow, its private preschool, back to WeWork co-founder Rebekah Neumann, who previously led that division as its CEO.

Launched in 2018, WeGrow was imagined by Neumann as a “conscious entrepreneurial school” that weaved in yoga, mindfulness and other wellness enrichment programs into its curriculum. Tuition reached upwards of $42,000. About 100 students were enrolled when company officials announced last October that it would close its doors after the 2019-2020 school year.

Forbes reported that “Neumann acquired the rights to the curriculum of the elementary school,” who plans to “relaunch the school as Students of Life For Life, or SOLFL, pronounced ‘soulful.’”

According to Axios, “word is that the sale price was well below $1 million.”

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