WeWork Reportedly Nears $6B Valuation
WeWork is making quicker progress than initially expected on a financing round that could value the collaborative workspace provider at more than $6B, Forbes reports. The magazine says the company is about to complete between $300M and $600M in private equity funding in a financing drive first anticipated to begin next year. In February, the NYC-based shared economy power player announced it had raised about $150M from the likes of Mort Zuckerman, Harvard Corp. and JPMorgan.
A company spokesman declined to comment, but multiple sources told Forbes that the financing process "was competitive with multiple term sheets." WeWork, a dominant player in the booming coworking sector, plans to open 60 new locations over the next 12 months. [Update: Read about WeWork's big LA moves here.]