WeWork gets new financing of $1.1B from Softbank, revenue up by 9%.

The company is expected to be cashflow positive in 2021.


Alfred Lee

15 Aug, 2020

WeWork gets new financing of $1.1B from Softbank, revenue up by 9%. | BEAMSTART News

- From our Sponsors -

More money has just been injected into WeWork.

The co-working giant has recently gotten a $1.1 billion loan from its biggest investor, SoftBank, after it cut its cash burn rate by half — down to $671million since the end of last year.

WeWork's business has been significantly impacted by the pandemic, but its financial position remains strong. Quarter revenue has hit $882 million, a 9% increase compared to the previous year.

On top of the new financing of $1.1billion, WeWork still has $4.1billion in cash and unfunded cash commitments to continue to execute on its 5-year plan. It's expected to be cash flow positive in 2021.  

With streamlined operations and a positive future outlook, the possibility of an IPO in the coming years could be an eventual possibility.

“Our early efforts to become a more streamlined, cash-conscious organization puts us in a better position to adapt quickly, navigate new realities and deliver our future business objectives,” said Kimberly Ross, chief financial officer of WeWork, in an e-mail.

- From our Sponsors -

Latest Jobs

Senior Product Marketing Manager

Pulley

San Francisco, United States

Full Time

USD 140000 — USD 170000 yearly

Barista & Kitchen Crew

Two Men Bagel House

Singapore

Full Time

SGD 2000 — SGD 3500 monthly

Junior Business Development Manager

Magic

Washington, DC, United States

Full Time

USD 1000 — USD 2500 yearly

Enterprise Account Executive

Fieldguide

San Francisco, United States

Full Time

USD 100000 yearly

Program Manager - Insurance Revenue

Daybreak Health

San Francisco, United States

Full Time

USD 80000 — USD 100000 yearly

Data at Kalshi

Kalshi

New York, United States

Full Time

USD 100000 — USD 160000 yearly

Graphic Designer (Part-Time)

Seam

San Francisco, United States

Contract

Salary Undisclosed

Full Stack Software Engineer

BLISSWAY

Denver, CO, United States

Full Time

USD 120000 — USD 150000 yearly

Sr. Android Application Engineer for Headless Devices

Flock Safety

Atlanta, GA, United States

Full Time

USD 155000 — USD 190000 yearly

Growth Manager

Firstbase.io

New York, United States

Full Time

USD 100 — USD 130 yearly

Alfred Lee

Journalist at BEAMSTART. I write about breaking business news in the region.

Based in Malaysia

Work Experience Not Specified

Education Not Specified

beamstart.com

Also Mentioned

WeWork

WeWork is the platform for creators. We provide beautiful workspace, an inspiring community, and business services to thousands of members worldwide.


SoftBank

A Japanese multinational telecommunications and Internet corporation

More Related Stories

BEAMSTART is a hub for everything Startups, Entrepreneurship, and Innovation. Connect with a global community of people, and stay updated with the latest startup jobs, news, and discussions.

 
© 2016 - 2023 BEAMSTART. All Rights Reserved (Legal).