Japanese tech giant SoftBank has invested $3 billion in WeWork, raising their total funding amount to $6.4 billion.
The investment comes in the form of a warrant, which gives WeWork the possibility of new cash in 2019. The money will automatically turn into stock in September, which will value WeWork at around $42 billion.
WeWork has certainly increased its overall revenue from $241 million to $482.3 million, but has more than tripled its losses in their third-quarter $322 million to $1.2 billion.
WeWork’s presence has expanded rapidly, stretching across 83 cities and 24 countries. Originally targeted at startups, the office sharing firm is now using its funding to reach out to enterprise clients and corporations.