Investors have put another $260 million into the office space company, which has been raising a round of funding at a $16.9 billion valuation. The round now totals $690 million.
The investors, including Shanghai Jin Jiang International Hotels, have apparently not been bothered by WeWork's falling expectations. In April, the company reduced its profit forecast by 78%, citing delayed building openings and landlords who covered less of its construction costs than expected. The company also estimated that its dorm business, WeLive, would have expanded to 14 locations by the end of 2016. It has so far opened two. SK