Office-sharing company WeWork is looking to raise new funds at a $35 billion valuation, according to an executive at major WeWork investor SoftBank.
SoftBank invested $4.4 billion in WeWork on March 2017 with the deal valuing WeWork at $17 billion at the time. WeWork raised $760 million in a Series G round, which is said to have put the company’s valuation at $20 billion.
Rajeev Misra, the chief executive of SoftBank’s $100 billion Vision Fund, predicted WeWork would be worth $100 billion in the next few years. If the company manages to secure a new round of investment at that valuation, it would become the second most valuable startup in the world, overtaking SpaceX and Airbnb.
However, some skeptics think WeWork is an overvalued real-estate company. Its rapid expansion and multiple diverse acquisitions mean its burning money. Skeptics worry that WeWork’s core proposition of taking on long leases, doing up office spaces, then subleasing them doesn’t justify its huge valuation.
Image source: Noam Galai
Article source: http://www.businessinsider.com/wework-wants-to-raise-money-at-35-billion-valuation-softbank-says-2018-6/?r=AU&IR=T
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