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

New investors include Shanghai-based hotel firm Jin Jiang

TRD 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 “Billion Dollar Loser” (Getty; Amazon)

In “Billion Dollar Loser,” WeWork’s “epic rise” and Adam Neumann’s quiet enablers

In “Billion Dollar Loser,” WeWork’s “epic rise” and Adam Neumann’s quiet enablers
Reeves Wiedeman (Photos via Amazon; Reeves Wiedeman; iStock)

The REInterview: Reeves Wiedeman on the manic rise and fall of Adam Neumann and WeWork

The REInterview: Reeves Wiedeman on the manic rise and fall of Adam Neumann and WeWork
Adam Neumann and Marcelo Claure (Getty)

Poof! Adam Neumann’s $185M WeWork gig disappears

Poof! Adam Neumann’s $185M WeWork gig disappears
WeWork CEO Sandeep Mathrani (Getty; iStock)

We Company changes name back to WeWork

We Company changes name back to WeWork
Alfred CEO Marcela Sapone and Adam Neumann (Getty)

Adam Neumann returns with $30M investment in residential startup

Adam Neumann returns with $30M investment in residential startup
arrow_forward_ios

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

Loading...