As WeWork Co.’s co-working business grows, so have its expenses, which means it continues to need cash. Luckily, the start-up has a willing partner: SoftBank Group Corp.
The Japanese conglomerate will invest another US$1 billion in WeWork in the form of a convertible note, WeWork said Thursday in a discussion of its first-half performance. The New York-based co-working company had US$1.9 billion in cash on hand as of June 30 and already raised about US$5 billion from SoftBank last summer and earlier this year for its China-focused subsidiary.