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

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

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
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
From left: 909 Third Avenue, 79 Fifth Avenue, 240 West 37th Street and 27 East 62nd Street (VNO, Cercone Exterior Restoration, Google Maps)
These were the largest Manhattan real estate loans in April
These were the largest Manhattan real estate loans in April
C-PACE gives landlords and developers cheap financing in exchange for making energy efficient improvements. (Getty)
Landlords can now retroactively tap financing tool for energy improvements
Landlords can now retroactively tap financing tool for energy improvements
11 East 26th Street with Henry and Justin Elghanayan (Google Maps, Getty)
Rockrose investment values Nomad office building at $235M
Rockrose investment values Nomad office building at $235M
Jamie Dimon, Steve Roth, Donald Trump and 555 California St. (Trump, Getty)
Vornado lines up $1.2B refi of SF tower co-owned with Trump
Vornado lines up $1.2B refi of SF tower co-owned with Trump
WeWork CEO Sandeep Mathrani and Walter & Samuels Chairman David I. Berley with 214 West 29th Street (Google Maps)
WeWork slapped with $37M lawsuit by Chelsea landlord
WeWork slapped with $37M lawsuit by Chelsea landlord
arrow_forward_ios

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

Loading...