WeWork, which designs and manages shares work spaces all over the world, has completed a $760 million financing round at a company valuation of $20 billion. According to a Forbes report, the company issued 13.2 million shares at $57.90 a share. The name of the investor was not disclosed.
Israeli Adam Neumann and Miguel McKelvey founded WeWork in 2010. The company divides office space into rooms, and rents it out by the room, or even by the desk, for short periods.
WeWork is active in the US, Argentina, Australia, Brazil, Canada, Germany, China, and other countries. In Israel, it has sites in Beer Sheva, Herzliya, and on Ibn Gvirol Street, Dubnov Street, and the Sarona site in central Tel Aviv, and also in south Tel Aviv. WeWork also offers its tenants networking events, vacations and summer camps, health insurance at discount prices, and more.
WeWork's value has consistently risen; it raised $355 million in late 2014 at a $5 billion valuation, and $400 million in June 2015 at a $10 billion valuation. Japanese corporation Softbank recently invested $300 million in WeWork.
Published by Globes [online], Israel Business News - www.globes-online.com - on July 11, 2017
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