Co-working space provider WeWork secures $1.75 billion funding from Goldman Sachs Group

WeWork announced on Tuesday that it has secured $1.75 billion in new financing in a fundraising push led by Goldman Sachs Group Inc.


Ismawati Asmat

20 Dec, 2019

Co-working space provider WeWork secures $1.75 billion funding from Goldman Sachs Group | BEAMSTART News

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This financing is part of a bailout package from SoftBank and it should free up roughly $800 million in cash that WeWork had set aside to satisfy covenants on its previous credit line.

WeWork will be able to access the fund starting January.

WeWork, founded in 2010 and headquartered in New York City, previously reported having a dramatic collapse.

The company lost nearly $1 billion in the first half of the year and had faced questions about its finances and governance.

“We are pleased that WeWork and SoftBank Group Corp. have entered into a commitment letter with Goldman Sachs,” Erin Clark, a spokeswoman for WeWork, said.

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