WeWork, the shared office space provider, has divested two of its education businesses in recent weeks.
The co-working real estate start-up, which was once valued at $47 billion before its fall from grace, has sold coding bootcamp Flatiron School to Carrick Capital Partners, a technology-focused private equity firm.
WeWork also reportedly sold the assets of WeGrow, its private kindergarten, to WeWork co-founder Rebekah Neumann, who had led the unit as its chief executive.
The terms of both transactions were undisclosed, but WeWork paid around $28 million for Flatiron in 2017 and reports suggest that WeGrow traded for less than $1 million.
Launched in 2018, WeGrow was touted as a “conscious entrepreneurial school” that combined yoga, mindfulness and other wellness enrichment programmes into its curriculum.
Tuition reportedly reached upwards of $42,000 and around 100 students were enrolled last October, when the company announced it was to close down after the 2019-20 academic year.
According to reports, Neumann acquired the rights to the curriculum of the pre-school and plans to re-launch it as Students of Life For Life, or SOLFL, pronounced ‘soulful’.
Date published: 3 July 2020