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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]
