Despite WeWork woes, local soldiers launch new program for veterans

RALEIGH – Despite WeWork’s money troubles after SoftBank’s recent $1.5 billion bailout, the company’s local is literally carrying on.

This week, the coworking company launched its first Raleigh-Durham chapter of Veterans in Residence in partnership with Bunker Labs, a national network of veteran entrepreneurs.

The six-month Startup Incubator is a leadership program that provides military family veterans and entrepreneurs with the community, business support, and workspace to help them launch and grow their businesses.

In the Southeast, it now operates exclusively in Raleigh-Durham, Atlanta and Nashville.

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This Thursday, November 7, WeWork will host a launch party at WeWork One Glenwood in Raleigh from 5:30-7:30 p.m.

“WeWork is committed to supporting our nation’s military and their families with a vibrant workspace, global community, and economic opportunity,” said Bobby Condon, CEO of WeWork Southeast.

“We look forward to seeing the growth and success of this new chapter and its inaugural tribe of veterans in residence.”

The news comes at a difficult time for the company, which changed hands last week.

SoftBank Group has wired more than $1.5 billion in funding to keep the struggling coworking company afloat after its failed IPO in August. It’s all part of a bailout that also includes $5 billion in new debt financing.

With this infusion, SoftBank now has a majority stake with 80% ownership of the company and is already making sweeping changes, replacing co-founder Adam Neumann as chairman and adding five seats to the board.

However, mass layoffs have also been reported in stores – with some outlets predicting up to 4,000 job cuts.

WeWork has a strong presence in the Triangle area and an operation in Charlotte, offering shared workspaces and related services.

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