Knotel Inc., which pitches itself as a steadier investment than much larger competitor WeWork, raised $400 million at a valuation that catapults the startup to unicorn status.
A fundraising round that closed this week drew investors including Kuwait-backed Wafra Inc. and Japan’s Mori Trust, Itochu Corp. and Mercuria Investment Co. They’re betting that upstarts can still challenge WeWork, the office-sharing juggernaut backed by Masayoshi Son’s SoftBank.