WeWork operates as a global flexible-space provider delivering technology-driven turnkey solutions, flexible spaces, and community experiences. The company is undergoing Chapter 11 restructuring and has secured a $450 million new‑money financing facility to support operations during the cases. Through its restructuring Plan, WeWork expects to eliminate approximately $4 billion of outstanding prepetition debt obligations. The Bankruptcy Court approved the company's Disclosure Statement and several additional motions, and extended Plan exclusivity and lease assumption periods to keep control of the restructuring process. WeWork will immediately solicit votes on the Plan and has requested final approval and Plan confirmation at a hearing scheduled for May 30, 2024, with an expected emergence by the end of May. Management says the reorganization will leave the company better capitalized, more operationally efficient, and positioned for continued investment in products and a return to long‑term growth. WeWork operates shared workspaces and a global membership platform spanning 111 cities in 29 countries and serving more than 527,000 members each day. The company had planned an IPO and was expected to go public in 2020 but delayed that offering. It has pursued rapid expansion while reporting heavy losses — nearly $1 billion in the six months ending June 30. WeWork previously raised more than $8 billion in equity and debt funding. Facing severe cash pressure and said to be weeks from running out of cash, the company has been shopping assets, slashed hundreds of jobs, and closed its school, WeGrow. Recent leadership changes include co-founder Adam Neumann relinquishing control and moving to a non-executive chairman role, with Sebastian Gunningham and Artie Minson serving as co-CEOs. WeWork operates flexible coworking spaces and membership services for individuals and enterprises. Led by co‑founder and CEO Adam Neumann, the company had more than 400,000 members at 425 locations in 100 cities across 27 countries as of early 2019. Enterprise customers (members with over 1,000 employees) accounted for over 30% of the membership base. WeWork announced the launch of The We Company to establish WeWork, WeLive, and WeGrow as three distinct business lines. The company has received significant strategic capital from SoftBank, supporting its global expansion. Following the latest investment the company’s post‑money valuation is $47 billion. WeWork provides shared workspaces and related flexible office services to businesses and individuals. The company has expanded rapidly with substantial outside capital and close involvement from SoftBank, which holds two board seats. SoftBank's recent $3 billion investment is structured as a warrant that can be exercised before September 2019, with the exercise price varying depending on whether WeWork goes public, is acquired, or raises a $1 billion round beforehand. Financially, WeWork sold $702 million in bonds rated as junk by credit agencies. For the first three quarters it reported a $1.22 billion loss on $1.25 billion in sales. If revenue continues at September's pace, the company would surpass $2 billion in revenue over the next 12 months; last year it lost $933 million on $866 million in revenue. WeWork offers shared physical and virtual workspace, community and services to members ranging from startups and freelancers to small businesses and Fortune 500 companies. The company was co‑founded by Adam Neumann and Miguel McKelvey in New York City in 2010 and is privately held. WeWork has more than 5,000 employees globally. In China, since opening its first location two years ago the company serves about 20,000 members across nearly 40 locations in three cities. The business provides space, community and services to help local creators and businesses start, scale and expand internationally. The company intends to use the new funding to accelerate the growth of WeWork China.

Total raised

$12.4B

Funding rounds

9

Latest round

Equity

Latest activity

Apr 2024