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 valuation. The Real Deal broke down the rise of real estate venture investment in its August issue. [Bloomberg] — Konrad Putzier