WeWork is raising tons of money as it marches toward Asia

The company just raised another $500M

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

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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