WeWork is raising tons of money as it marches toward Asia

The company just raised another $500M
August 07, 2017 10:00AM

Adam Neumann and Seoul, Korea (Credit: Getty Images)

Following a Series G funding round that put its value at approximately $20 billion, co-working giant WeWork raised another $500 million for its expansion into the South Korean and South Asian markets.

The company also bought Singapore co-working firm Spacemob in a separate deal, the Wall Street Journal reported. WeWork would not name the investors in the latest funding round, nor would it comment on the size of the Spacemob purchase.

When WeWork raised $760 million last month, its valuation was pegged at more than $20 billion, which is greater than publicly traded real estate investment trusts like Boston Properties and Vornado Realty Trust. Earlier this year, Japan-based Softbank invested $300 million in the company and could increase its funding.

The company, which is considering an IPO, is reportedly in talks to rent a building in Hong Kong’s nightlife district.

It also shook up its management structure, promoting Jen Berrent to COO and moving co-founder Miguel McKelvey to Berrent’s former role as culture chief.  [WSJ] Miriam Hall