Relevant:
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- For SoftBank, no majority stake in WeWork as it scales down talks from a new $16 billion investment to $2 billion
2018-11-14 — ft.com
WeWork has secured an additional $3bn of funding from SoftBank at a $42bn valuation even as the flexible office provider's losses ballooned to $2bn on an annual basis.*SoftBank will inject the funding next year in exchange for a warrant enabling it to buy new WeWork shares by the end of September 2019, at a price that will lift the group's valuation from the $20bn figure reached in its last equity funding round.The fresh multibillion dollar commitment from SoftBank increases WeWork's cash pile and cash commitments to a total of $6.4bn, according to an investor presentation seen by the Financial Times on Tuesday.Artie Minson, chief financial officer, said the funding was "opportunistic". "The way we work with SoftBank emphasises speed and getting it done quickly . . . that speaks to the overall momentum in the business," he said.The fresh funding came as privately owned WeWork said its losses in the nine months to September had nearly quadrupled from a year earlier to $1.2bn.
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"Our view is that there is tremendous wind at our back -- we are the only serious global player out there," he said."Our growth is actually accelerating as our product offering continues to go deeper and reach not just small-sized companies but Fortune 500 companies and everything in between.
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