WeWork, the U.S. based co-working giant, has filed a copyright lawsuit against its fast expanding Chinese rival UrWork in New York’s Southern District Court. WeWork Cos has accused the Chinese company of partly coping its name and logo, while arguing that this startling similarity cannot be overlooked since both companies operate in the same industry.
The co-working behemoth is reported to have stated in the lawsuit that the Chinese competitor should not be allowed to enter in the U.S. market with such a confusingly similar name. Interestingly, this lawsuit has been filed barely two months after UrWork announced that its first ever center in New York city will soon start the operation.
While the status of UrWork’s first center in NYC could not ascertained, but the announcement certainly reelected the Chinese companies growing global ambition. This surging ambition is evidently supported by huge amount of investment that it has been receiving from various high profile investors. The company already has a unicorn status to its name, with the firm’s valuation having being exceeded just above $1 Bn.
UrWork’s unicorn status in China is suffice to indicate that it is an undisputed market leader in its home country, where it claims to serve nearly 2,400 companies across 24 Chinese cities. As for International markets, the Chinese firm has only recently started treading its feet in the foreign market by opening centers in Singapore & London.
Although these numbers and tractions appear to be pretty impressive, the Chinese dragon is still a small player compared to its big U.S. rival. Today WeWork boosts offices around 190 locations spread across different parts of the globe, serving close to 500 companies including big tech giants like Samsung and Microsoft. Besides, the Company is valued at staggering $2o Bn.