11 of WeWork Labs' startups raise $5.5M

Four Labs in India will be expanding their programs thanks to help from parent company WeWork

Less than six months after launching WeWork Labs, its program to help early-stage startups scale in India, co-working giant WeWork said that 11 out of 31 firms incubated in Gurgaon have raised a combined of $5.5 million. 

Startups such as PerkFinance, SpotDraft, Sqrrl, Upgame and others, all incubated out of WeWork Labs in Gurgaon have raised capital from reputed venture capitalists, the New York-based company said.

“Gurgaon has been running for six months, we’ve seen some really early signs of success where we’ve had direct and indirect influence on the capital some of the startups have raised. Between 11 of the 31 companies in Gurgaon, they’ve raised $5.5 million,” said Aniket Dey, Manager, WeWork Labs.

WeWork is now planning to expand the program to include four Labs in India by April, one in Mumbai which recently became operational, one in Bengaluru and a second Lab in Gurgaon. Labs will also be opened in Chennai and Hyderabad, cities where WeWork plans to expand into next.

Apart from aiding startups in raising funding, WeWork Labs cater to all the necessities of early-stage startups in terms of networking, connecting them with enterprise clients to even giving them access to global markets. SpotDraft, a firm that applies AI to extract intelligence from legal documents, for instance is looking to take its product to the US through WeWork now.

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