Knotel Crowned a Unicorn in Wake of Rival WeWork’s IPO Filing

Flexible-workspace provider Knotel became the latest start-up to reach unicorn status after it closed on a $400 million funding round, a week after rival WeWorkfiled for an initial public offering (IPO) with a preliminary target of $1 billion.

Knotel’s latest financing was led by the investment arm of the Kuwait government, Wafra, and the four-year-old company said it brings its valuation to more than $1 billion. Other participants in the fundraising round include Japan-based firms Mori Trust, Itochu and Mercuria and previous investor Newmark Knight Frank.