Sweetgreen and WeWork Leverage Each Other for Mutual Benefit
Private companies grow in a myriad of ways. At the level of unicorn and near-unicorn valuation, strategic partnerships can help grow revenues, nurture PR and create goodwill for one or both companies as they leverage one another’s business for mutual benefit.
Now worth over $1 billion, this latest move is sure to raise Sweetgreen’s profile exponentially across the marketplace while simultaneously creating substantial goodwill and added value for WeWork across its 178 locations in 56 cities and 18 countries.
For WeWork, this particular partnership goes a bit deeper than just matching needs with services. Earlier this year, WeWork announced that the company was going meat-free – one of several tactics the company is employing to improve its environmental footprint in its effort to reach a company climate policy to be carbon neutral by 2023.
WeWork’s alliance with Sweetgreen has been enormously popular as the pilot program rolled out in New York City and Los Angles earlier this fall, with one-third participation from members and 33% growth within the first three months oflaunching.
The planned expansion to 50 offices in seven cities indicates a strategic partnership well on its way to what appears to be a success. WeWork gets to push a climate initiative in the hopes of those initiatives impacting its bottom line, and possibly its image. And Sweetgreen gets exposure to more markets across the country, all the while boosting its bottom line.
If all goes well, this partnership may be a win-win for these two growing companies.
We would appreciate your comments about strategic partnerships at this level of valuation.
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