Co-working space provider WeWork has led a $32m series B round for The Wing, a US-based private members club for female professionals, Forbes reported on Tuesday.
New Enterprise Associates, the venture capital firm that led The Wing’s $8m series A round in April this year, also participated in the series B.
The Wing operates a women-only private club that combines co-working space with networking and social events. It has some 1,500 members that pay between $2,100 and $3,000 a year for membership.
The startup established its first branch in Manhattan, New York, in October 2016, and recently opened a second Manhattan space alongside the launch of a magazine.
A third branch is planned for Brooklyn, and the fourth is slated to open in Washington DC in early 2018. In the longer term, The Wing intends to enter the west coast of the US with branches in Los Angeles and San Francisco before branching out internationally.
The latest round took The Wing’s overall funding to approximately $42m. BBG Ventures, the women-oriented VC fund formed by online media operator AOL, joined Kleiner Perkins Caufield & Byers and angel investors Julie Rice and Elizabeth Cutler for the series A round.
BBG Ventures, Rice, Cutler and fellow angel investors Hayley Barna, Harvey Spevak and Steve Case had previously provided $2.4m of seed funding for the company in November 2016.
Rice, the co-founder and ex-CEO of fitness chain SoulCycle, joined WeWork as chief brand officer this week.