Meetup, a US-based social networking platform backed by online auction platform eBay, is set to be acquired by co-working space provider WeWork.
While financial terms were not disclosed, chief executive Scott Heiferman reportedly mentioned a $30m figure without specifying whether this was the acquisition price or an expected investment following closure of the deal.
He also noted that the acquisition will allow Meetup to double in size, though several employees have reportedly been asked to step down voluntarily.
Founded in 2002, Meetup enables users to set up local communities around specific interests and topics and organise meetings in the physical world. The company claims to have 35 million members and more than 300,000 event organisers.
Meetup closed a secondary transaction in 2014, though details could not be ascertained. Its last external funding was raised in 2008, when Union Square Ventures (USV) led a $7.5m round with participation from DFJ and Omidyar Network.
In 2006, eBay contributed to a $4.5m series C round alongside DFJ and Omidyar, according to deals database PitchBook, which also lists DFJ, Omidyar and O’Connor Ventures as backers of a $5.25m series B round in 2003.
PitchBook records also indicate that eBay, alongside DFJ, Allen and Company and Esther Dyson, participated in a $1.04m series A1 round in 2002, though details about previous funding could not be ascertained.