WeWork is planning to expand the programme to include four Labs in India by the end of this year. Globally, it is aiming to expand it to 100 centres from the current 49
Co-working giant WeWork, which launched WeWork Labs programme in Gurgaon October last year to help early-stage startups scale in India, has revealed that 11 out of 31 firms incubated in the city have raised a combined capital of $5.5 million.
As reported by ET, startups incubated out of WeWork Labs in Gurgaon including PerkFinance, SpotDraft, Sqrrl and Upgame raised the funding from reputed venture capitalists.
SpotDraft, a firm that applies AI to extract intelligence from legal documents, is now reputedly looking to take its product to the US through WeWork.
WeWork to include four Labs in India by year end
The New York-based company is planning to expand the programme to include four Labs in India by end of this year – one in Mumbai which recently became operational, one in Bengaluru and a second Lab in Gurgaon. WeWork also plans to open Labs in Chennai and Hyderabad.
In addition to helping 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.
Globally, WeWork is aiming to expand its Labs programme to 100 centres from the current 49 by the end of this year.
Apart from this, the company said it will also focus on setting up sector specific labs starting with New York next month and take that concept to the rest of its markets, while also working with enterprises to help them setup incubation programmes.