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WeWork’s Latest Round Of Funding Pushes Valuation To $16.9B

TPG Real Estate Partners CEO said the firm has more than $5B in dry powder for asset acquisition.

One of China’s largest hotel companies, Shanghai Jin Jiang International Hotels, isn’t turned off by WeWork’s conservative profit forecast this year and joined investors in putting up $260M towards WeWork’s latest round of financing, pushing the co-working startup’s valuation to $16.9B.

This deal brings the tally on WeWork’s latest funding round to $690M, only shortly after the firm raised $430M in March, the Wall Street Journal reports. In total, WeWork has raised around $1.7B in private capital and this round will be used to fund the firm’s international expansion. The co-working giant expects to end the year with 80,000 to 90,000 total members.

Shanghai Jin Jiang’s investment comes at a fitting time—WeWork is already gaining a foothold in Asia after opening its first Chinese location in July, with recent expansions into South Korea and Hong Kong. [WSJ]