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VC Watch: WeWork Raises Another $760 Mln

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Office sharing start-up WeWork has raised about $760 million of new funding, according to filings with the Delaware Department of State.

The funding reportedly pegs New York-based WeWork's valuation at $20 billion and comes after Japan's Softbank Group Corp. invested $300 million in the unicorn in March. Unicorns are start-ups valued at $1 billion or more.

The investment from SoftBank was said to be the first in what will probably be a much larger stake of up to $3 billion, with additional cash expected to come from its private-equity arm, the $100 billion Vision Fund.

SoftBank founder Masayoshi Son is in the process of creating the $100 billion fund, a bet on the Japanese billionaire's vision for a future centered on artificial intelligence and connected devices.

WeWork has reportedly issued 13.2 million new shares of preferred stock at $57.90 per share in the new round of funding.

WeWork, which rents out desks and offices to small businesses, freelancers and other people seeking temporary working space, was founded in 2010. The company currently has over 120,000 customers in 156 offices.

According to Reuters, WeWork eventually plans to launch an initial public offering.

by RTT Staff Writer

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