WeWork Cos. on Thursday disclosed it raised another $1 billion in funding from SoftBank Group Corp., as the shared-office company continues its rapid growth by doubling revenue but piling up losses, according to newly released financial information on Thursday.
The New York-based company said its loss in the first half of the year more than tripled to $723 million from the year-earlier period as it accelerates opening new spaces and spends more to market them. Revenue for the first two quarters of this year more than doubled to $763.8 million.
As a private company, WeWork isn’t required to publicly disclose its financial numbers, but it released the figures to the media in tandem with a periodic update to bond investors.
WeWork, one of the world’s most valuable startups with a valuation of about $20 billion, said the new funding from its investor SoftBank
9984, -0.38% came in the form of a subordinated convertible note that is structured to give the Japanese company an edge in the next fundraising round. SoftBank already invested $4.4 billion in equity funding in WeWork last August.
An expanded version of this report appears on WSJ.com.
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