(Photo by Misha Friedman/Bloomberg) © 2019 Bloomberg Finance LPCoworking startup and WeWork rival Knotel is attempting to raise as much as $100 million, according to three sources familiar with the matter. The company, which has previously been valued at a reported $1.6 billion, faces a decimated real estate market across the globe, and particularly in the U.S. “It’s a uniquely real estate related crisis,” Sarva says of the pandemic, adding that the future of the commercial real estate market is unclear. Similar to its larger and more infamous rival, WeWork, however, Knotel has racked up huge losses. The company lost $223 million in 2019, on a revenue run rate of $370 million.

Source: Forbes July 21, 2020 12:00 UTC