WeWork has raised $760 million in new capital according to paperwork filed with the Delaware Secretary of State, bringing the company’s valuation to over $21 billion.
Delaware findings show that WeWork raised $760 million in a new Series G round of funding. The company issued 13.2 million new shares of preferred stock at $57.90. However, it is unclear which entities provided the capital.
WeWork is a New York-based company that operates shared office space. The sharing economy start-up provides entrepreneurs, freelancers, and remote workers meeting rooms, privacy booths, free coffee, and networking events. WeWork also allows companies to share a working space instead of paying the overhead of a permanent office.
Last month, CEO Adam Neumann said the startup is now generating $1 billion a year in revenue. The company has about 120,000 members who pay on average $650 a month each. WeWork operates 156 locations in 15 countries.
The company continues to grow its offerings. WeWork plans to expand in cities like London, Beijing, Paris and Detroit this year. WeWork is also creating an offshoot called WeLive, which provides co-living spaces with furnished apartments and shared amenities.
Neumann has stated that WeWork plans to go public, but he hasn’t decided when and where to list its shares.
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