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Families back upmarket WeWork-type venture

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A group of prominent families and real estate investors have come together to invest in a co-working and membership group based in New York City called NeueHouse.

Ranger Global Advisors, which led the $30 million venture round and provided most of the funding, is the Beverly Hills-based family office of fashion designer Diane von Furstenberg and husband, media mogul Barry Diller.

Also supporting the round are Gow Capital Partners, owned by billionaire property developers and investors Goodwin and Kenneth Gow, and Revolt Ventures, a London-based venture group linked to Meyer Bergman, a private real-estate investment group owned by Dutch property entrepreneur Marcus Meyer.

Here’s what one family investor told Family Capital about the deal: “It’s a huge opportunity for global families.”

Great Eagle Holdings, a property group owned by the billionaire Hong Kong-based Lo family, had earlier backed NeueHouse.

Alexander von Furstenberg, the son of Diane and her first husband Prince Egon von Fürstenberg, is the chief investment officer of Ranger Global Advisors.

NeueHouse, which describes itself as a workspace collective with big social ambitions, designed for today’s creative entrepreneurs, operates from New York and Los Angeles. But it plans to open further co-working spaces in Los Angeles and potentially in other US cities, although, according to reports, has no ambitions to go international.

The rapid rise of co-working group WeWork has no doubt prompted others to enter the new office-type phenomenon. Although, NeueHouse is a slightly different type of proposition –  effectively a WeWork co-working concept coming together with a Soho House membership idea. And NeueHouse expansion plans are less about world domination and more about creating an upmarket niche for its concept.

 

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