LATEST NEWS

After A $20 Billion Valuation, WeWork Gets Another $500 Million For Their Asia Expansion

Following a Series G funding round ($760 million), WeWork welcomes another $500 million for their plans to conquer South Korea and South Asia.

By Team Agorafy August 9, 2017

For those who still think WeWork is a startup, maybe this is the time to begin reconsidering. During July of this year, the company received $760 million in cash, in what has been called a new “Series G” funding round. With this new influx of money, WeWork has a valuation of $20 billion, according to Forbes.

The funds do not stop there as WeWork raised another $500 million for its expansion into the South Korean and South Asian markets according to The Real Deal. This new chapter includes, in a separate transaction reported by the Wall Street Journal, WeWork buying the Singapore co-working firm Spacemob. Spacemob is a co-working startup founded in early 2016 by entrepreneur Turochas “T” Fuad and backed by Vertex Ventures and Alpha JWC Ventures – neither parties have confirmed this deal.

Related: Prepare Your Listings Because Facebook’s Dynamic Ads For Real Estate Are Here

With its latest valuation, WeWork has become a top player in the industry, putting aside major office REITs such as Boston Properties ($18.25 billion) and Vornado Realty ($17.7 billion). Even though WeWork has once again declined to comment on both the investment and current valuation, the documents filed publicly with the Delaware Secretary of State, on June 30th, confirm the transaction. From the information gathered, WeWork issued 13.2 million new shares of preferred stock at a price of $57.90.

Back in March 2017, SoftBank Group Corp invested $300 million in the company. It was rumored that this amount was only the first batch of a much larger funding round that is expected to total about $3 billion. The remaining cash will come from SoftBank’s $100 billion Vision Fund, which is the largest tech fund in history led by CEO Masayoshi Son. Of course, with Softbank on board in such a powerful way, it is expected to have a strong presence in Japan and across Asia.

Related: Rich Or Poor—Nobody Can Afford NYC’s Median Rents, Study Says

WeWork has raised about $1.8 billion from investors and VC funds since it launching in 2010. For example, at the end of 2016, WeWork had 110 locations across the world. As of June 2017, the company now operates in 149 locations across 15 countries.

According to Adam Neumann, WeWork’s CEO, the company has about 120,000 members who pay an average of $650 per month. In addition, five to ten new sites open every month. Globally, the plan is to expand to cities like London, Beijing, Paris, and Detroit.

At this point, WeWork is generating $1 billion a year in revenue. The initial public offering is expected to be happening soon, according to Reuters. More updates to come…

Team Agorafy

ABOUT THE AUTHOR Team Agorafy

ABOUT THE AUTHOR Team Agorafy

Our mission is to be the most accurate resource for commercial listings, residential listings, and property information, allowing users to make highly-informed decisions based on current market data.
How To Choose The Right Real Estate Agent
When it comes to real estate, people seem to feel detached from understanding the intricacies of an industry that has been around since the year…
Five Reasons Why All Entrepreneurs Must Keep Their Eyes On China
It is hard to overestimate the importance of Chinese influence on the modern global economy. Carving out a place in Chinese market and winning over…
Property Listings: Big data vs. The Right data
These days there is no shortage of articles discussing “big data” or “data analytics” as the exponential growth of available information on demographics and consumer…
Property listings: Big data vs. the right data
These days there is no shortage of articles discussing “big data” or “data analytics” as the exponential growth of available information on demographics and consumer…
Just One Click Away: Digital And Mobile Technologies
Web and mobile capabilities are linking real estate professionals, their clients, and properties like never before. The property search process has been re-imagined and real…
New technology will change the real estate industry forever
Wearable devices are trending in technological advancements and are changing the way people share and retrieve information. Recent releases like Samsung’s Galaxy Gear and Google’s…
Greenland USA Develops Residential And Commercial Properties That Exemplify Modern Living
New York City is experiencing an alarming affordability crisis. For low, moderate, and middle income New Yorkers housing has become a serious challenge, all around…
New Retail Strip Is Coming To Astoria Area With A Troubled Past
It seems like a bad coincidence, but the Dutch Kill neighborhood, located in otherwise prosperous Astoria, did manage to live up to its, ahem, colorful…