Wednesday, September 12, 2018

WeWork Acquires Greycroft-Backed Teem

WeWork, the co-working space operator which has a significant presence across Southern California, with nineteen locations in the Los Angeles area plus a location in San Diego, has acquired Teem, a software startup backed by active LA venture investor Greycroft Ventures. Teem develops software which is used to manage conference room reservations, desk reservations, and much more for companies and office spaces. Financial details of the buy were not announced. According to the two, Teem will continue to operate as an independent business line. Teem was founded in 2012, and had over 100 employees. WeWork said it will also provide Teem's services as a part of its various WeWork offerings, including as part of its Powered by We products. Teem was co-founded and was led by CEO Shaun Ritchie. Teem was venture backed by Greycroft Partners, Origin Ventures, Zetta Venture Partners, plus Google Ventures, Salesforce.com founder Marc Benioff, Dave Elkington and Josh James, and was based in Utah.