Back for more: SoftBank invests another $1B in WeWork

Co-working company lost $723M in the first half of 2018

TRD NATIONAL /
Aug.August 10, 2018 09:00 AM

Softbank’s Masayoshi Son and WeWork’s Adam Neumann (Credit: Getty Images)

SoftBank agreed to invest another $1 billion in WeWork through a convertible note, the co-working company said Thursday.

The announcement comes a year after SoftBank invested $4.4 billion in WeWork and its overseas affiliates at a reported $20 billion valuation.

WeWork can use the money: it lost $723 million in the first half of the year alone while making $764 million in sales, Bloomberg reported. The co-working company previously recorded a loss of $933 million for the entire year 2017.

WeWork, which is now targeting mid-sized companies for its co-working operation, also announced that it acquired two small general contracting firms, one of them based in New York City.

In June, the head of SoftBank’s Vision Fund, Rajeev Mishra, said WeWork is raising additional funding at a $35 billion valuationThe Real Deal broke down the rise of real estate venture investment in its August issue. [Bloomberg] — Konrad Putzier


Related Articles

arrow_forward_ios
Wendy Silverstein (Credit: Getty Images)

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

Sarah Pontius (Credit: Union College)

Another head rolls at WeWork

Gary Barnett, Central Park Tower, and the Tel Aviv Stock Exchange Bull (Credit: Wikipedia, iStock)

Extell’s Israeli bonds put on downgrade watch

WeWork chairman Marcelo Claure (Photo by Chip Somodevilla/Getty Images)

WeWork lays off 250 more employees, but Covid-19 isn’t reason

WeWork is facing backlash for its decision to stay open and charge membership fees, despite government measures to stop the spread of coronavirus. (Photo by Noam Galai/Getty Images)

WeWork under pressure for staying open in pandemic

WeWork's Marcelo Claure and Sandeep Mathrani (Credit: Getty Images)

WeWork to miss 2020 targets because of coronavirus

RCP CEO Richard O’Toole and Related CFO David Zussman (Credit: O’Toole via Westchester Magazine and Zussman via Related)

Related tries to calm Israeli investors after market panic

arrow_forward_ios
Loading...