WeWork raises another $260M, now valued at $16.9B

New investors include Shanghai-based hotel firm Jin Jiang

New York /
Oct.October 13, 2016 06:03 PM

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 TRData LogoTINY 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


Related Articles

arrow_forward_ios
Wendy Silverstein (Credit: Getty Images)
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
Wendy Silverstein, co-head of WeWork’s real-estate fund, is out
WeWork CEO Adam Neumann (Credit: Getty Images and iStock)
WeWork’s side businesses are fizzling
WeWork’s side businesses are fizzling
Sarah Pontius (Credit: Union College)
Another head rolls at WeWork
Another head rolls at WeWork
Adam Neumann and the “Guitar House” in in Corte Madera (Getty, Realtor)
Adam Neumann gets $22M for California estate
Adam Neumann gets $22M for California estate
Tower 535 in Hong Kong and WeWork CEO Sandeep Mathrani (Photos via SOM, Getty)
WeWork exits first Hong Kong location as part of global downsizing
WeWork exits first Hong Kong location as part of global downsizing
From left: Bow Capital's Vivek Ranadivé, Shaquille O’Neal and WeWork's Sandeep Mathrani (Getty)
WeWork to go public in $9B SPAC deal
WeWork to go public in $9B SPAC deal
WeWork CEO Sandeep Mathrani (Mathrani/Wikipemedia, Getty)
WeWork lost $3B in 2020: report
WeWork lost $3B in 2020: report
Michael Gross (Getty, iStock)
Knotel to tap former top WeWork exec as CEO
Knotel to tap former top WeWork exec as CEO
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...