WeWork has secured a further $3bn (£2.3bn) investment from Softbank, months after raising $1bn from the Japanese investor.
The flexible office provider has raised $5.2bn so far this year, which has helped raise its liquidity to $6.4bn at the end of the quarter.
Q3 results
In its Q3 results, WeWork reported that it had nearly doubled the number of desks it manages in the last 12 months, hitting 354,000 – up 99% from 178,000 in Q3 2017.
Membership has more doubled in that same period, from 154,000 to 319,000. While its revenue has grown from $241m in Q3 2017 to $482m this year, WeWork made a loss of $168m in the quarter, largely due to “growth investments”.
Its adjusted EBITDA before these growth investments – including events and costs related to services like its coding school Flatiron – was $41m, reflecting a 9% margin and an increase from $20m this time last year.
Enterprise memberships
The results also show how WeWork’s model has shifted to include more “enterprise” memberships – memberships from companies with more than 1,000 employees.
These comprise 29% of all WeWork memberships – up from 20% this time last year. Companies that have partnered with WeWork include Amazon, Microsoft and IBM.
WeWork said it expects space for a further 100,000 desks to open in Q4 and it remains “highly confident” in accelerating the expansion of its business.
