Knotel, cofounder knotel 1b ann azevedotechcrunch a flexible workspace provider, has closed after filing for bankruptcy. Its assets were acquired by Newmark for $70 million. Just a year before, the company had been valued at $1.6 billion and had secured $560 million in investment. The company’s closure has prompted a wide range of speculation. Some blame the pandemic; others attribute it to pending litigation and evictions.
Knotel co-founder knotel 1b ann azevedotechcrunch closed
It cofounder knotel 1b ann azevedotechcrunch has been a difficult few months for Knotel, which was valued at over $1 billion in early 2018. The company had been downsizing and furloughing around 30% of its employees when the pandemic hit. It also made headlines last spring when it was sued over unpaid rent at several sites. As of this writing, the company is still awaiting a $100 million capital raise.
This cofounder knotel 1b ann azevedotechcrunch year, the company is struggling to repay its debts. It has missed rent payments to multiple landlords, and a lawsuit from one landlord has left it without a home for months. The company is now in a limbo in its expansion plans in London, where it has opened a new location.
The company is led by Michael Gross, a former WeWork executive and vice chairman. He replaces Amol Sarva, who served as Knotel’s CEO since 2015. He was also a vocal critic of WeWork. Another new executive will join the company: Yoav Gery, the current president of the Selina hospitality brand.
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Mary Ann Azevedo is a Senior Reporter for TechCrunch, covering Fintech and Latin America Tech. She is an industry veteran with over 20 years of experience, working at Fortune, Crunchbase News, Crain’s, Forbes, and Silicon Valley Business Journal. She has won numerous awards for her work and has a Master’s degree in journalism from the University of Texas at Austin.
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Ann Azevedo, co-founder/CEO of Knote, is a seasoned journalist and industry veteran. Prior to Knote, she was a Managing Editor at the FinLedger, where she specialized in business reporting. She also worked at Forbes, Crain’s, and the Silicon Valley Business Journal, earning several awards and honors for her work. She holds a Master’s degree in journalism from the University of Texas.