Shared office space provider WeWork raised another $260 million from investors, bringing its total venture capital to $1.7 billion and valuing the coworking company at $16.9 billion.
The latest investment completes a $690 million funding round that WeWork kicked off in March. The investor group includes Shanghai Jin Jiang International Hotels, family offices and existing investors. WeWork plans to use the money for its global expansion, particularly in Asia, the Wall Street Journal reported. WeWork currently has 98 co-working spaces in 32 cities across the globe.
As part of the same funding round, WeWork had raised $430 million earlier this year from Beijing-based Legend Holdings and its private equity subsidiary Hony Capital.
Earlier this year, WeWork slashed its 2016 profit forecast by 78 percent, amid slower-than-expected growth and high buildout costs. In July, The Real Deal broke down the logic behind WeWork’s valuation, which stood at $16 billion at the time. [WSJ] — Konrad Putzier