The New York-based company raised from investors including Equinox, the luxury fitness firm; Brookfield Properties; and the Canada Pension Plan Investment Board (CPPIB). (Bloomberg)

Talking point: WeWork has been facing increased competition in the co-working-space business recently. On Wednesday, another rival, New York-based Knotel, reached unicorn status after raising US$400 million in funding. Industrious doesn’t sign long-term leases, instead opting to manage landlord-owned buildings as co-working spaces or private offices. Though it has already signed some leases for office space, CEO Jamie Hodari said the firm plans to phase them out. That makes it a relatively safe investment for its backers—in comparison, WeWork’s future lease obligations added up to US$47.2 billion, as of the end of June. This is CPPIB’s latest investment in the tech sector after indicating its desire to invest between $500 million and $1 billion in venture capital funds, as my colleague Zane reported in December 2018.