Office-sharing start-up WeWork gets $760 million in new cash

Key Points
  • Delaware filings show that WeWork raised about $760 million.
  • Unnamed sources told Forbes that the company's valuation now stands at $20 billion.
  • CEO Adam Neumann said last month that WeWork is generating $1 billion a year in revenue.
CEO of WeWork Adam Neumann
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Start-up WeWork has raised about $760 million of new funding, according to filings with the Delaware Department of State.

The company's valuation now stands at $20 billion, unnamed sources told Forbes, which previously reported the funding round. That would be higher than the $16.9 billion valuation last estimated by CB Insights.

WeWork declined to comment on the filing.

WeWork, considered a so-called sharing economy start-up, aims to let companies share a working space instead of taking on the overhead of a permanent office. As of the end of 2016, WeWork had 110 locations across the world. The start-up has said it plans to expand in cities like London, Beijing, Paris, and Detroit this year.

CEO Adam Neumann said last month that WeWork is generating $1 billion a year in revenue and will launch an initial public offering at some point, according to Reuters. WeWork members pay an average of $650 a month, Reuters reported.

WeWork one of many unicorns — start-ups valued at $1 billion or more — to eye a public offering as the private market cools from its peak between 2014 and 2016. Venture capital investing is in the midst of a "self-correction" period, according to a new report from the National Venture Capital Association and PitchBook.

"There's optimism of a strong year ahead for venture-backed IPO activity," the report said this week.

— CNBC's Sally Shin contributed to this report.