Co-working space operator WeWork has acquired Managed by Q, the US-based office maintenance services provider backed by corporates including internet and technology conglomerate Alphabet, for an undisclosed amount.
Founded in 2014, Managed by Q has developed an online platform that enables offices to access on-demand services such as cleaning, IT maintenance and the restocking of office supplies.
The company will continue to operate as an independent entity that will be led by chief executive Dan Teran, who will join WeWork’s leadership team. It had raised approximately $98m in equity financing prior to the deal.
Managed by Q’s last funding consisted of a series C round that stood at $55m as of January 2019 when it secured $25m in a second tranche co-led by GV, a corporate venturing subsidiary of Alphabet, and venture capital firm RRE Ventures.
Property developer DivCo West and real estate investment manager Oxford Properties also participated in the second close, as did private investors Scott Belsky and David Stern.
The initial $30.5m was collected in a December 2016 first close, according to a regulatory filing, and it valued Managed by Q at $249m, according to PitchBook data.
Kapor Capital, the VC representative of diversity-focused techmology inclusion organisation Kapor Center for Social Impact, had led a $25m series B round for the company earlier in the year that also featured GV.
RRE Ventures previously led the company’s $15m series A round in 2015, which included financial services provider Steadfast Financial, Greycroft, Homebrew, Sherpa Ventures, SV Angel and various angel investors.