OpenSpace, a startup that develops technology for the construction industry, raised $102 million in a new funding round that the company said gives it a valuation of $902 million. Penny Pritzker’s PSP Growth led the round, San Francisco-based OpenSpace said. Other participating investors include BlackRock Inc., Alkeon Capital Management, Menlo Ventures and a unit of…
Fortune: What WeWork’s IPO Prospectus Tells Us About Its Business: Term Sheet
This week’s Term Sheet theme has been around massive valuations, so today’s edition features We, the parent company of WeWork. The co-working behemoth just released its much-awaited IPO prospectus, which revealed new details about its financial performance.
WeWork was most recently valued at $47 billion after SoftBank, the company’s largest backer, invested an additional $2 billion in January. In its S-1, WeWork reported revenues of $1.5 billion and a net loss of more than $690 million for the first six months of 2019. For the full year of 2018, it showed $1.8 billion in revenue with a loss of $1.6 billion. (You can see the figures further broken down here.)
“Our membership base has grown by over 100% every year since 2014,” the S-1 reads. “It took us more than seven years to achieve $1 billion of run-rate revenue, but only one additional year to reach $2 billion of run-rate revenue and just six months to reach $3 billion of run-rate revenue.”