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.”
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OpenSpace introduced a new Building Information Modeling (BIM) technology product in June 2023 that aims to allow construction project teams to solve problems faster. With OpenSpace’s tools, field and virtual design and construction (VDC) teams are able to compare as-built conditions to design intent with use of a 360 degree reality capture and AI-powered analytics….
In celebration of the 38th annual SIIA CODiE Awards, the Software & Information Industry Association (SIIA) today announces the 53 winners of the 2023 CODiE Awards in Business Technology. The winners were presented during a virtual awards celebration hosted on the NewSky XR secure online platform on June 21. The SIIA CODiE Awards are the…
