WeWork Rival Convene Raises $152 Million to Fuel Its Expansion
- Brookfield, Durst, Revolution, RXR Realty among investors
- Funding round said to value company at more than $500 million
Individuals work on the fourth floor of the Convene workspace.
Photographer: Sarah Blesener/BloombergConvene, a New York-based real estate startup that specializes in flexible meeting and working space, has raised $152 million from investors including Revolution Growth, Brookfield Property Partners LP and the Durst Organization, its co-founders said.
The Series D round values the company at more than $500 million, according to a person with knowledge of the matter who asked not to be named. Revolution, RXR Realty, David Rubenstein’s Declaration Capital and QuadReal Property Group are among the company’s new investors, while existing investor ArrowMark Partners led the round and was joined by other earlier Convene investors including Brookfield, Durst, Conversion Venture Capital LLC and Elysium Management. BlackRock Inc. is another returning investor, according to people with knowledge of the matter. Edward Sweeney, a BlackRock spokesman, declined to comment.